7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Mediacom CEO Dropping Proposal to Go Private
MIDDLETOWN, N.Y. (AP) -- The head of Mediacom Communications Corp. says he has withdrawn a proposal to take the cable television company private after its board rejected his latest offer.

Its shares dropped almost 17 percent in morning trading.

Chairman and CEO Rocco B. Commisso says he was dropping his May 31 offer of $6 a share to buy all the shares of Mediacom he didn't already own.

In a company news release Tuesday, Commisso says he was withdrawing his bid and ending discussions with a special committee established to consider the offer. The panel rejected what Commisso called "a meaningful increase to his initial offer price."

The news release didn't provide financial details of his latest offer.

Mediacom, based in Middletown, has cable TV operations mostly in the Midwest and South. It is the primary cable provider in Abingdon, as well as parts of the Quad Cities.

(Copyright 2010 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
08 31 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.