Excite@Home and three major shareholders agreed to delay an insider deal being challenged by other major shareholder Cablevision Systems.
By BroadCasting & Cable Staff -- Broadcasting & Cable, 6/25/2000 8:00:00 PM
Excite@Home and three major shareholders agreed to delay an insider deal being challenged by other major shareholder Cablevision Systems. Cox and Comcast had been scheduled to complete a complicated transaction giving fellow shareholder AT & T control of the company in exchange for an option to "put" their shares to AT & T at a fixed price. The option was priced at $48 per share; since Excite@Home's stock has dropped to $20 or so, Comcast and Cox's options are worth around $1.3 billion each. Cablevision, angry at being left out of the deal, sued all three MSOs and the high-speed Internet company and had sought a restraining order to block Friday's scheduled closing. But the companies all agreed that they would suspend the stock deal until a judge ruled whether it was appropriate to exclude Cablevision.
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