Cablevision COO Rutledge sells shares
LAS VEGAS, May 8 (Reuters) - Cablevision Systems Corp. (CVC.N) Chief Operating Officer Tom Rutledge in the last week sold more than 300,000 shares of the company, which has agreed to go private, according to regulatory filings on Tuesday.
The filings showed that Rutledge had sold 310,887 shares at between $35.65 to $35.73 each on May 4. The shares owned by Rutledge were issued at between $10.46 to $20.78 a share.
Cablevision shares rose nearly 10 percent on May 2 after the company said its board had agreed to a $36.26 per share bid to take the company private by its controlling shareholders, the Dolan family.
The bid was the latest of at least four offers by the Dolans, who have a 20 percent stake in the company and control 70 percent of voting rights.
Investors and some Wall Street analysts believe the latest bid undervalues Cablevision, which owns venues like Madison Square Garden and sports franchises like the New York Knicks basketball team, as well as cable systems through the high-density New York area.
"Shareholders are simply leaving too much on the table at $36.26 and must vote against the Dolan Family offer at current levels," wrote Pali Research Analyst Richard Greenfield in a note on Tuesday. Greenfield has raised his price target on Cablevision from $33.50 to $50.
