Mediacom Communications has announced that its Board of Directors received a non-binding proposal from Mediacom’s founder, Chairman and CEO, Rocco Commisso, for a going-private transaction. The proposal contemplates the acquisition of all of the Class A and Class B shares of Mediacom common stock not already beneficially owned by Commisso at a price of $6.00 per share in cash. The proposed transaction will not result in a change of control with respect to the company’s existing debt arrangements.
The Board of Directors has appointed independent directors Thomas Reifenheiser and Natale Ricciardi to a special committee empowered to consider the proposal. The special committee will retain independent financial advisors and legal counsel to assist in its work. The Board of Directors cautions there can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.