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chairman and CEO Rocco Commisso on Tuesday announced he has withdrawn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.