Mediacom shareholders will get 25 cents more per share to bring the final bid to $9 per share as part of CEO Rocco Commisso's ongoing effort to take the nation's eighth largest MSO private.
Commisso had originally bid $6 per share for the 60 percent of the MSO he didn't already own; that was rejected. He later boosted that to $8.75 and shareholders challenged the deal in court. Now, thanks to an accord approved by Delaware Chancery Court, he'll end up paying $9 per share--or about $10.2 million more overall--to finalize the deal and take the company private for about $600 million.
Commisso is attempting to take full control and privatize the company he founded in 1995. He already owns 40 percent of the company's stock and an 87 percent voting control.
- Bloomberg has this story
Proxy advisors tell Mediacom shareholders to sell out
Another one bites the dust; Commisso takes Mediacom private