- French media giant Altice (OTCPK:ATCEY) -- in the middle of a $17.7B pursuit of Cablevision (NYSE:CVC) -- should be trading about half of where it is today, ION Asset Management says in making its short case.
- The company is overpaying for its acquisitions, said Stephen Levey and Jonathan Half at the Sohn Investment Conference in Tel Aviv, and they're doubtful about Altice's targets for margins and cost-cutting.
- Altice's Patrick Drahi has suggested heavy cuts are on the way for Cablevision, to the tune of $900M annually.
- The company is also in Israel via its ownership of cable operator HOT.
- Shares closed down 0.2% at Euronext Amsterdam.
- Previously: Next for an Altice-controlled Cablevision: Heavy cost cuts (Sep. 18 2015)