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Commisso Withdraws Bid To Take Mediacom Private - Broadcasting & Cable

Commisso Withdraws Bid To Take Mediacom Private

Founder and CEO cites rejection of his higher offer by board's special committee
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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chairman and CEO Rocco Commisso on Tuesday announced he has withdrawn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.

Click here for the full story at Multichannel.com

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