Gamco Investors chairman and major Cablevision stockholder Mario Gabelli is weighing whether to exercise appraisal rights in connection with the cable company’s plans to go private at a price he has previously called too low.
Gabelli has publicly said in the past that he believes the Dolan family’s offer to buy the remaining shares of Cablevision they don’t already own for $36.26 each is too low. By exercising his appraisal rights, Gabelli would have a financial adviser value the company independently.
The move was disclosed an Oct. 4 Securities and Exchange Commission filing.
Miller Tabak media analyst David Joyce said this could present a way for Gabelli to put some pressure on the Dolan family to increase their offer.
“This is a quieter way to go about it,” Joyce said.
In the past, the Dolans have said that they would not raise their price for the shares.
In the filing, Gamco said it might discuss its views with Cablevision or others regarding matters that are to be voted on at an upcoming special shareholders meeting scheduled for Oct. 24.
At that meeting, shareholders are expected to approve or deny the Dolan family’s $10.6 billion proposal to take the company private.
According to the proposal, the Dolan family has said a deal would require that a majority of the minority of Cablevision shareholders not affiliated with the family sign off on the transaction.
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