Cablevision Plan Goes Sour

He holds a price target on the stock of $33.50, and he said it is "virtually impossible" for the special committee to approve the Dolans' offer unless the acquisition price was increased to at least $31 to $32 a share.

In a release, the Dolan family said $30 a share was its "best and final" offer, and it's only available until next Wednesday. The family also said it would not sell the company, a pledge that Greenfield said displays bad corporate governance.

Greenfield said "multiple bidders (particularly Time Warner Cable) would pay (today) in excess of 33% more than the Dolan's revised $30 offer to take Cablevision private."

The Dolan family justified its offer by pointing to the stock price prior to its initial offer back in October, when the shares were trading below $24. Greenfield said that what actually matters is how cable stocks have traded since then.

"Utilizing our desired time period of relative performance, Cablevision's stock price has underperformed its cable peers, despite superior operating performance and the industry's most valuable assets," Greenfield wrote.

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