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Shareholders Reject Dolans’ Cablevision Plan

Oct 24, 2007  •  Post A Comment

Shareholders have rejected the Dolan family’s bid to take Cablevision Systems Corp. private.
Preliminary voting results from the company showed that an insufficient number of shareholders voted in favor of the $36.26 per share bid. Prior to today’s special shareholders meeting, several major stockholders indicated they did not think the offer was sufficient.
“While we are disappointed that shareholders did not approve the transaction, there is really nothing negative about today’s outcome,” said company founder Charles F. Dolan and his son, CEO James L. Dolan, speaking on behalf of the Dolan Family Group in a statement Wednesday.
“In fact, in many ways, it is a very positive event,” the statement continued. “We see today’s outcome as a vote of confidence in the prospects of Cablevision, its management team, its 20,000 employees and the industry’s future. Cablevision has become a dynamic industry leader during the past 35 years and we are ready to continue as a public company. We are extremely proud of all of our outstanding employees who have maintained their focus on the business. We look forward to continuing our work together to serve our customers, to build on Cablevision’s success and to create value for our shareholders.”
Cablevision stock had risen to $32.74 a share on Wednesday morning before the vote. It was at $31.89, up 5 cents, later Wednesday morning after the vote.

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