Dolans Try To Take Cablevision Private10/09/2006 02:34:00 AM Eastern
About 16 months after his last attempt fizzled, the family including Cablevision Systems Corp. Chairman Chuck Dolan and his son, president James Dolan are bidding to take the company private. The Dolans have are offering $27 per share in cash, for all of Cablevision. Their previous offer of $21 per subscriber excluded the company's Rainbow cable networks unit.
In a statement, the family said that " We continue to feel that succeeding in this fiercely competitive environment requires a long-term, entrepreneurial management perspective that is not constrained by the public markets' constant focus on short-term results."
The family has been involved in a series of scandals and missteps including a financial crisis that had nothing to do with being public to a current investigation into the awarding of sweet options deals to company executives -- including one who was already dead -- that is directly related to the company being publicly traded.