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Cable Operators

Cox Takeover Completed

12/08/2004 8:53 AM Eastern

Cox Enterprises Inc. said Wednesday that its previously announced acquisition of the publicly held minority interest of Cox Communications Inc. is officially completed.

In the $8.5 billion transaction, Cox Holdings, Inc., a wholly owned subsidiary of CEI, acquired CCI through a cash tender offer for $34.75 per share and a short-form merger.

Any outstanding shares of CCI class-A common stock not purchased in the tender offer -- other than those as to which appraisal rights are perfected -- were converted into the right to receive $34.75 each in cash, without interest, the company said.

CEI announced last Friday that it had successfully completed its cash tender offer for the 38% of CCI stock it didn’t already own, paving the way for taking the Atlanta-based MSO private.

CCI will be delisted from the New York Stock Exchange Thursday.

 

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