Mediacom Communications (Nasdaq: MCCC) Chairman-CEO Rocco Commisso, not feeling the love he wanted from the MSO's special board committee, has picked up his marbles and gone home, dropping his bid to pay $245 million and take the company private.
Commisso had pushed forth an offer that would have allowed him to acquire all the shares of the company he didn't own--about 60 percent of the MSO. Mediacom appointed a special board to look at the offer; it looked and rejected. Commisso backed away and now says he has no interest in going beyond his 40 percent ownership stake--but that he's going to keep that anyway.
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