Dolans Want To Take Cablevision Private -- But Can They?
Shares in Cablevision soared 11 percent in early trading in New York today (Monday) after the Dolan family, who control the company, offered $7.9 billion in cash to take it private -- representing a 17 percent premium. The Dolans said that Merrill Lynch and Bear, Stearns had agreed to help with the necessary financing. However, some analysts observed that it was likely that the Dolans had not yet made their best offer and that it was unlikely that offer would be accepted by Cablevision's board, given the amount their current bid. Cablevision provides cable service in the New York City area, owns Madison Square Garden and the teams that play there (the New York Knicks NBA team and the Rangers NHL team), and also owns Radio City Music Hall.