October 24, 2007
Cablevision Take-Private Voted Down
The Journal has the story here. Cablevision stated that it will take several weeks to announce the final tally. But the clear winners here may be the shareholder plaintiffs' attorneys who will likely still attempt to collect the $29.25 million in fees Cablevision agreed to pay them to settle the shareholders class action over this deal. Here, these advocates settled for $30 million in increased consideration well before a full assessment of the transaction could be made (i.e., it being voted down for insufficient consideration). Cablevision has agreed to pay these fees but hopefully the judge considering this settlement will also take notice of these other facts and read Vice Chancellor Strine's opinion in In re Cox Communications about the perils of such practice under Delaware law.
For my prior posts on this deal see:
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