Dolans Fail in Takeover Bid

The attempt by Charles and James Dolan to take Cablevision private failed today. The media and sports giant revealed that shareholders had voted against the Dolans’ bid to acquire the company for $36.25 per share in cash.

The Times‘ Dealbook blog reports:

The investor vote leaves Cablevision as an independent company and spells an end, for now, to two years of takeover efforts by the Dolans. Though Cablevision did not provide a breakdown of the vote, large shareholders, proxy advisory firms and analysts had expressed strong reservations about the offer.

The entities owned or operated by Cablevision include: Optimum, AMC, IFC, WE tv, Madison Square Garden, the New York Knicks, Rangers and Liberty, Radio City Music Hall, the Beacon Theatre, and Clearview Cinemas.