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April 20, 2005
$17 billion, do I hear $18 billion?
Looks like Cablevision hasn't given up on its acquisition bid for Adelphia: Newsday reports that Cablevision has upped its offer to $17.1 billion in an attempt to outbid Time Warner and Comcast. The company's earlier all-cash offer was for $16.5 billion. So... the question for Adelphia (and its creditors) is whether the $18 billion cash-and-stock offer from Time Warner and Comcast is superior to the $17.1 billion all-cash bid from Cablevision.
Actually, it's not quite as easy as that. There's also the matter of the breakup fee:
"Adelphia has agreed that if it switches to a bidder other than Time Warner and Comcast, it will pay them a breakup fee of 2.5% of the sale price, equal to nearly $450 million at current bidding levels."
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