Cox Enterprises announced a $7.9 billion bid for the 38% it doesn't already own in Cox Communications, the third largest cable operator in the U.S. The bid represented a 16% premium over the closing price for Cox Communications on 30-July-2004.
The company said a private corporate structure would provide it with greater flexibility given the increasingly competitive nature of the cable business.
Citigroup Global Markets and Lehman Brothers, Inc. are serving as CEI's financial advisors in the transaction and have committed to provide $7.9 billion to fund the tender offer and merger, as well as related fees and expenses, under a $10 billion total funding commitment.
Cox Enterprises is one of the nation's leading diversified media companies. http://www.coxenterprises.comhttp://www.cox.com
- As of the end of Q2 2004, Cox had approximately 6.6 million total customer relationships, including 6.3 million basic video customers, 2.3 million digital cable customers, 1.1 million circuit-switched cable telephony customers, and 2.2 million high-speed Internet customers.
