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Cablevision Board Hires Advisers

The special panel formed to weigh the founding family's take-private bid hires some lawyers and bankers.
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board hired some investment bankers and lawyers to consider the controlling Dolan family's

take-private bid.

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The Long Island cable shop's Special Transaction Committee hired Lehman Brothers, Morgan Stanley and New York law firm Willkie Farr & Gallagher to assist in considering the offer. The committee comprises independent Cablevision board members Thomas Reifenheiser and John Ryan.

"The Special Transaction Committee is at the beginning stages of its evaluation and intends to proceed in a deliberate and timely manner," the panel said in a Monday morning press release.

Cablevision's founding family, led by Chairman Charles and son CEO James, said last month they would pay $7.9 billion for the 80% of the company they don't own. The news sent Cablevision shares up 19% the day of the move.

The proposed deal would pay stakeholders $21 a share in cash, along with shares of the long-anticipated spinoff of media and entertainment assets into a separately traded Rainbow Media. Those holdings are worth an additional $12.50 a share. The price represented a 24% premium over Cablevision's closing level the previous trading day.

Early Monday, Cablevision slipped 11 cents to $31.52.