NEW YORK: Sard Verbinnen & Co represented the Dolan Family Group in its thwarted effort to purchase Cablevision Systems for $10.6 billion, one of the largest rejected offers ever.
With word that the buyout wouldn't happen, shares of the stock dropped 3.26% on Thursday to $30.82 per share. The Dolan Family Group had offered $36.26 per share.
Cablevision's shareholders turned down the deal, which would have made the public company private, because they felt the offer was too low. Some shareholders, including activist investor Mario Gabelli, have valued the company at about $50 per share.
Cablevision serves 3.1 million New Yorkers with television service and also owns Madison Square Garden, its sports teams such as the New York Knicks and Rangers, and regional area networks. The Dolan family owns 20% of Cablevision's common stock and has 70% of the company's voting power.
“While we are disappointed that shareholders did not approve the transaction, there is really nothing negative about today's outcome,” said Charles and James Dolan in a statement on behalf of the Dolan Family Group. “We see today's outcome as a vote of confidence in the prospects of cablevision, its management team, its 20,000 employees, and the industry's future.”
Sard Verbinnen declined to comment on the services they provided for the Dolans.