(Reuters) – Mediacom Communications Corp (MCCC.O) said Chief Executive Rocco Commisso has offered to take the cable television system operator private at $6 a share, a premium of 13 percent to the stock’s Friday closing price.
Commisso intends to buy all outstanding Class A and Class B common stock of the company he founded.
As of April 30, Mediacom had about 68.1 million shares of class A and B outstanding, bringing the total value of the deal to about $408.6 million.
It has a market cap of $363.1 million, according to Thomson Reuters data.
The proposed transaction will not result in a change of control of existing debt arrangements, the company said.
The offer has just been received and no decision has been made with respect to Mediacom’ response to the proposal, the company said.
Shares of Middletown, New York-based Mediacom closed at $5.33 Friday on Nasdaq. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Don Sebastian)