Moscow CableCom agrees to Renova bid |
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Thu, 22 Feb 2007 00:17
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NEW YORK (AP) - Russian broadband service provider Moscow CableCom Corp. and Russian private equity group Renova Media Enterprises Ltd. said Wednesday they reached an agreement under which Moscow CableCom will be acquired for roughly $152 million, or $12.90 per share.The offer price is up from a previous bid, submitted in January, for Renova to buy the company for $12 per share.Under the agreement, a subsidiary of Renova Media will combine with Moscow CableCom, which will then become a subsidiary of Renova Media.The sales price represents a 29.1 percent premium to the closing price on Nov. 3, the day before Renova's first offer was submitted, and a 13 percent premium to Wednesday's closing price of $11.39.Shares of Moscow CableCom added 8 cents to close at $11.39 on the Nasdaq Stock Market.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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