UPDATE -CEO to take Mediacom private for $8.75 a share
* Deal to be completed in H1 2011
* Offer at 28 pct premium
Nov 15 (Reuters) - Mediacom Communications MCCC.O, a cable television company, agreed to go private with its founder and Chief Executive Rocco Commisso buying the outstanding shares he does not own for $8.75 each in cash.
The deal price is at a 28 percent premium to Friday's close of $6.86.
Commisso, who founded Mediacom in 1995, has 87 percent voting power and owns about 40 percent of the total shares outstanding, according to a regulatory filing in June.
The company said the board has approved the deal upon the recommendation of a special committee. Commisso's original offer for $6 a share was rejected by the committee in August. [ID:nSGE67U0J1]
The merger is conditioned on a "majority of the minority" voting provision, which requires approval by holders of a majority of Mediacom's outstanding Class A shares not held by Commisso, his affiliates and immediate family, or Mediacom's directors and executive officers.
Shares of Mediacom, which have risen about 19 percent since Commisso's offer in August, were trading up at $8.31 in small volumes before the bell. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Don Sebastian)
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