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April 07, 2005
Wall Street puzzled by Cablevision's Adelphia bid
Posted by Dominic Basulto
It's anybody's guess what the Dolans are up to at Cablevision. First, there was the internecine struggle between Chuck Dolan and Jimmy Dolan over Voom. Then, there was the tiff with Mayor Bloomberg over the West Side stadium. Now, there's noise again from Cablevision's corner, this time related to the company's $16.5 billion all-cash bid for bankrupt cable operator Adelphia.
Pick a different Wall Street analyst, and you'll get a different explanation for the bid. Most likely, it has something to do with the company's ongoing squabble with Time Warner Cable. Anyway, investors don't approve -- on news of the Adelphia bid, shares of the company sank 3.5%, to close at $26.85 on Wednesday.
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