Rocco Commisso, the founder-CEO of cable television company Mediacom Communications, has pitched a US$245m offer to take the company private.
Commisso offered US$6 per share, against a US$5.33 closing price last Friday, for the 60% of the shares he…
Rocco Commisso, the founder-CEO of cable television company Mediacom Communications, has pitched a US$245m offer to take the company private.
Commisso offered US$6 per share, against a US$5.33 closing price last Friday, for the 60% of the shares he doesn’t already own, valuing the company at around US$590m.
He said he expected to finance the transaction through borrowings under the company’s existing credit facilities, so the transaction would not result in a change of control with respect to the company’s present US$3.25bn net debt arrangements.
As he beneficially owns approximately 40% of the company’s common stock representing about 87% of the voting power through a dual-class share structure, Commisso added that he is “prepared to move very quickly to negotiate a transaction with the special committee and its advisors, and believe that my familiarity with the company and its operations will allow us to finalize definitive documentation on an accelerated basis.”