The Dolan family’s pursuit of Cablevision remained up in the air last night as some big shareholders, which previously were against the $22 billion takeover indicated they may vote in favor of the deal.
According to a source who spoke on the condition of anonymity, Harris Associates and Anchor Capital Advisors, which together hold over 3 percent of Cablevision’s shares, will vote for the $36.26 per share offer from the Dolans. So, too, will Alchem Investment Partners, which owns less than 1 percent of Cablevision, sources said.
T. Rowe Price, Cablevision’s third-largest shareholder with a 5.7 percent stake, is wavering from its previously stated plan to vote against the deal and may indeed cast its shares in favor of it during today’s vote, several sources said. A spokesman for the mutual fund giant said the firm had no comment about the vote.
Rumors also swirled about a last-minute switch from Marathon Asset Management, which owns 5.3 percent of the company and previously indicated it was against the deal. ClearBridge Advisors, Cablevision biggest shareholder on record with 31 million shares, remains steadfastly opposed to the Dolans’ offer, sources said.
The Dolans, who have indicated they will not modify their original offer, need a majority of the 113 million nonfamily shares, in order for it to go through.
The talk of last-minute support – while still probably not enough for the Dolan family to win its years-long battle to go private – got the attention of rebel investor Mario Gabelli, who yesterday made a regulatory filing exercising appraisal rights for his shares under Delaware law.
Gabelli, who controls 8.2 percent of Cablevision’s shares, said in an interview with The Post that he still intends to vote against the deal.
Appraisal rights were sought to provide a safeguard for his clients in case the deal goes through. It is left to the Delaware court to decide how much Gabelli gets for his shares.
If others follow Gabelli and assert their appraisal rights, the Dolans’ deal could be in jeopardy even if the vote passes. A condition of the deal requires that no more than 10 percent of Cablevision’s shareholders exercise appraisal rights.
Cablevision shares rose 27 cents yesterday to close at $31.86.