CEO to Buy Mediacom, Go Private

Mediacom Communications (www.mediacomcc.com) has entered into a definitive merger agreement with Rocco B. Commisso, the MSO's founder, chairman and CEO, and an entity created by Commisso. Upon consummation of the merger, all of the outstanding shares of Mediacom...

Mediacom Communications (www.mediacomcc.com) has entered into a definitive merger agreement with Rocco B. Commisso, the MSO's founder, chairman and CEO, and an entity created by Commisso. Upon consummation of the merger, all of the outstanding shares of Mediacom common stock not owned by Commisso will convert into $8.75 per share in cash.

The transaction results from extensive negotiations between Commisso and a special committee of independent directors of Mediacom formed in response to a "going private" proposal made on May 31 by Commisso to acquire all publicly held shares of Mediacom common stock for $6.00 per share. The final price of $8.75 per share represents a 46% premium above Commisso's original $6.00 offer and a 64% premium above the closing price of $5.33 for Mediacom's Class A Common Stock on the last trading day prior to the publication of the May 31 proposal. The transaction is expected to be completed in the first half of 2011.
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