Group readies $8.9b offer for Cablevision share

The controlling shareholders of Cablevision Systems, the Dolan family, raised their bid to take the company private for $8.9 billion and said it was their final offer, an Associated Press report said.

The Associated Press report said the offer of $30 per share is an increase of 11% over their previous proposal of $27 per 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 if the new offer would be accepted by a special committee of independent directors on Cablevision's board, the report said.

The Dolan family, led by Charles Dolan, the chairman, and his son James, the CEO, own about 20% of Cablevision's stock but control 70% of the shareholder vote through a special class of shares.

Sanford C. Bernstein analyst Craig Moffett said in a note that Dolans' offer was no better than current market valuations of cable companies, and said it was unclear whether the bid would be 'deemed sufficient,' the report added.

Other analysts, however, said the new offer stood a good chance of getting approved, the report further said.