NEW YORK ( TheStreet) -- Mediacom Communications ( MCCC) shares plunged today after CEO and founder Rocco Commisso withdrew his proposal to take the company private.

Today a special board committee did not accept Commisso's $245 million offer to purchase all of the shares of the cable television company that he doesn't already own.

"I am very disappointed with the highly unusual process and ground rules established by the special committee and its financial and legal advisors to evaluate my proposal," Commisso said after his offer was rejected. "I firmly believe that the special committee's decision is not in the best interests of Mediacom's shareholders."

Commisso, who owns about 40% of the company's common stock, offered $6 per share for the remaining shares on May 31. After his proposal was rejected, he made it clear that he is not interested in selling his shares.

Mediacom shares dropped almost 17% in morning trading to $5.50. Shares are currently down almost 14% to around $5.50.

-- Written by Theresa McCabe in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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