Current Mediacom Chairman and CEO Rocco B. Commisso wants Mediacom, and it looks like he may get his wish. The rural cable MSO’s board has accepted his offer of $8.75/share for all of the outstanding common stock that Commisso doesn’t already own.

Commisso attempted to take Mediacom private back in May 2010 for $6/share, but that offer was rebuffed by Mediacom’s board. He has now sweetened the offer, and the $8.75/share offer represents a 27.5% premium over the last closing share price of $6.86 and a 14% premium over Mediacom’s 52 week high of $7.65.

The transaction is “conditioned on a ‘majority of the minority’ voting provision, which requires approval by holders of a majority of Mediacom’s outstanding Class A shares not held by Mr. Commisso, his affiliates and immediate family, or Mediacom’s directors and executive officers.” It’s expected to close during the first half of 2011.

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By going private, Mediacom may become a more aggressive telecompetitor. Without shareholder scrutiny of every competitive move, Mediacom will have more freedom to take competitors head on. It’s a strategy that their larger MSO brethren Cox undertook as well, resulting in Cox expanding their competitive reach through new products like 3G wireless.

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