Expressing disappointment and frustration, Mediacom Communications
chairman and CEO Rocco Commisso on Tuesday announced he has withdrawn
his offer to take the cable operator private after a special committee
of the company's board of director rejected his higher offer.
Commisso on May 31, 2010, offered to purchase all the shares of Mediacom
not owned by him for $6 per share, a deal which would have cost him
about $250 million and valued the MSO at about $427 million. Mediacom's
board of directors subsequently rejected "a meaningful increase to his
initial offer price," according to Commisso.
In a brief interview with Multichannel News,
Commisso declined to disclose the amount of his higher offer. "I was
willing to be flexible but the committee wasn't," he said.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.