Cablevision Systems Shareholders Veto Bid

Oct 24, 06:10 PM

Current Headlines: Shareholders rejected a $10.5 billion bid by Cablevision Systems Corp.'s founding family to take the system private, the New York company said Wednesday.

In May, Cablevision's board agreed to a buyout offer by the Dolan family for about $36.26 a share, or $10.5 billion. The board had turned down two previous bids from Chairman Charles Dolan and his son, Chief Executive Officer James Dolan, MarketWatch reported.

After the vote, the Dolans said in a statement they were disappointed with the shareholders' actions, but there is nothing negative about (Wednesday's) outcome. The Dolans said they viewed the vote as a very positive event.

Cablevision Systems, based in Bethpage, N.Y., did not reveal the tally.

Among its assets, Cablevision Systems owns cable systems serving the metropolitan New York market; cable channels AMC, Independent Film Channel, MSG Network, FSN New York and WE: Women's Entertainment; Madison Square Garden; the New York Knicks basketball team and the New York Rangers hockey team.