Mediacom (Nasdaq: MCCC) Chairman-CEO and founder Rocco Commisso has made a $6 per share offer to take the 1.3 million sub MSO private under his continued leadership. Commisso already owns 40 percent of the equity stock and has an 87 percent voting share. His offer includes the acquisition of all the Class A and Class B shares of the company, breaking down to about a 13 percent premium over the stock's Friday close.
Commisso, in a news release issued by the cable company, said he would "continue in my current roles and, together with our management team, (lead) our company and its valuable employee base well into the future." He also expressed a willingness to "move very quickly" to negotiate with a special committee established by the board of directors to finalize the deal.
Mediacom, in the news release, said it did not expect the proposal to have an impact on day-to-day operations and would offer no further comment at this time. The deal is the latest in a continuing spurt of activity in the once-quiet cable industry that includes the potential sale of Bresnan Communications and today's story that Broadstripe is exploring its options.
For more:
- see the release
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