Monday, November 15, 2010, 3:50 PM
A handful of law firms are investigating the proposed $600M buyout of Mediacom (MCCC) by its CEO Rocco Commisso, announced earlier today. The law firms are all questioning if the Mediacom board properly shopped the company around before signing off on the deal with Commisso. Mediacom is +22.3%.
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Monday, November 15, 2010, 9:29 AM
Rocco Commisso, the CEO and founder of cable giant Mediacom (MCCC), is buying out the company with a bid of $8.75 per share - worth an estimated $600M. This is a 46% premium over Commisso's original $6 per share offer and a 64% premium over the closing price of Mediacom stock when he made the proposal in May. Mediacom is +23% to $8.48.
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