Proxy advisors tell Mediacom shareholders to sell out
Independent proxy voting and corporate governance firm Institutional Shareholder Services (ISS) has recommended that Mediacom Communications (Nasdaq: MCCC) stockholders vote in favor of a takeover by founder CEO Rocco Commisso when they meet on March 4.
Commisso has offered to buy up Class A and Class B common stock for $8.75 a share in cash in an effort to take the MSO private. The total cost to Commisso would be about $600 million and would cover the 60 percent of the company that he doesn't already own.
The offer was Commisso's second and reflected a 46 percent premium over one he offered and withdrew earlier last year. If, as recommended, the shareholders take the buyout, Mediacom would join the ranks of privately held companies that include Cox Communications and Insight Communications.
- see this news release