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Cablevision forms LBO review panel

Tue, 06/21/2005 - 8:00pm
Scott Moritz

Copyright 2005 TheStreet.com, Inc.

TheStreet.com

June 22, 2005 Wednesday 9:50 AM Eastern Time

Three non-Dolans and a heavyweight legal firm have been assembled to review a $7.9 billion proposal to take Cablevision (CVC:NYSE) private.

Cablevision said it has appointed three independent board members to the special review committee, though the company did not identify any members of the team assigned to evaluate the offer. The Bethpage, N.Y. cable company did say that it has hired Willkie Farr & Gallagher LLP as its legal counsel.

On Monday, the Dolans, Cablevision's controlling family, announced a go-private scheme offering to pay $21 a share for Cablevision's cable TV business and give shareholders a stake in the spin off of its media and entertainment unit Rainbow Media.

Shareholders cheered the move boosting the stock up about 24% to $32. The shares were up 11 cents to $32.40 Wednesday.

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