SAN DIEGO and BETHPAGE,
N.Y., Sept. 17, 2015
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP
are investigating the proposed acquisition of Cablevision Systems
Corporation (NYSE: CVC) by Altice NV (EN Amsterdam: ATC). On
September 17, 2015, the two companies
announced the signing of a definitive merger agreement pursuant to
which Altice will acquire Cablevision. Under the terms of the
agreement, Cablevision shareholders will receive $34.90 in cash for each share of Cablevision
common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/cablevision-systems-corp
Is the Proposed Acquisition Best for Cablevision and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Cablevision is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $34.90
merger consideration represents a premium of only 22.3% based on
Cablevision's closing price on September
16, 2015. This premium is significantly below the
average one-day premium of nearly 28.2% for comparable transactions
within the past three years.
On August 7, 2015, Cablevision
reported strong earnings results for its second quarter 2015.
Net revenues for the quarter were $1.65
billion, an increase of 1.6% compared to the second quarter
of 2014. Additionally, Cablevision has beat consensus analyst
estimates for sales in every quarter for the past two years.
In commenting on these results, Cablevision Chief Executive Officer
James L. Dolan remarked,
"Cablevision continued to perform well in the second quarter,
achieving growth in net revenue and revenue per customer. Over the
past three years, we have transformed our company through strategic
investments that have made our operations more efficient, increased
the reliability and performance of our network, and enhanced our
products and the customer experience. This has contributed to our
largest quarterly gains in both customer relationships and
high-speed data customers in more than two years. We will continue
to focus on providing superior service and innovative products that
will resonate with consumers."
In light of these facts, Robbins Arroyo LLP is examining
Cablevision's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Cablevision shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. Cablevision shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP