The controlling shareholders of Cablevision Systems Corp., the Dolan family, raised their bid Friday to take the company private for $8.9 billion and said it was their final offer.
The offer of $30 a share is an increase of 11% over their previous proposal of $27 a share for the New York-area cable operator, which also owns Madison Square Garden, several cable networks and other properties.
The Dolans had been widely expected to raise their bid, but some analysts said it wasn’t clear whether the new offer would be accepted by a special committee of independent directors on Cablevision’s board.
The Dolan family, led by Charles Dolan, Cablevision chairman, and his son James, the chief executive, own about 20% of the company’s stock but control 70% of the shareholder vote through a special class of shares. The Dolans said the latest offer would expire at the close of business Wednesday.
Shares in Cablevision have been trading above $27 since October. They slumped Friday on disappointment that the Dolans’ bid wasn’t higher. Cablevision’s shares fell $1.21 to $28.39.