Dolans’ Cablevision offer rejected

An independent committee of directors of Cablevision Systems Corp., a New York-area cable TV provider, on Tuesday rejected an offer from the company’s controlling shareholders to take the firm private.

In a letter to James Dolan, Cablevision’s chief executive, and his father, Charles, the chairman, the two-person committee said the Dolans’ latest offer of $30 a share, or $8.9 billion, was “inadequate,” didn’t recognize the fair value of the company and wasn’t in the interest of Cablevision’s public shareholders.

It was the second time the Dolan family tried to take the company private and failed to reach agreement with the committee. Cablevision released the text of the letter late Tuesday and said it would have no further comment on the matter.

In October, the Dolans offered to buy out Cablevision’s public shareholders for $27 a share, but it was widely expected that the offer would be raised. The Dolans finally did raise their bid Friday to $30 a share but called that their final offer.

The Dolans, who control Cablevision through super-voting stock, have also said they would not agree to sell the company to a third party, squashing any hopes that a hostile bidder would emerge.