Shareholders of Cablevision Systems Corp. rejected on Wednesday a $10.6 billion bid by the company's controlling shareholders, the Dolan family, to take the New York-area cable TV provider private.
The deal had faced opposition from large shareholders, proxy advisory firms and Wall Street analysts who said the company, which owns Madison Square Garden, Radio City Music Hall and the New York Knicks, should have a higher value than the $36.26 per share the Dolans had agreed to pay.
Cablevision's CEO James Dolan announced the results of the vote at a special meeting of shareholders at the company's headquarters on New York's Long Island. The company didn't immediately release an exact count of the votes cast.
Dolan said in a statement that the family was "disappointed" that the transaction wasn't approved, but added that his family saw it as a "vote of confidence in the prospects of Cablevision."