Insight Taps Committee for Privacy Plan3/08/2005 9:06 AM Eastern
Insight Communications Co. Inc.’s board named a special committee of independent directors to review the plan to take the MSO private, announced Monday.
David C. Lee and Oxygen Media chairman and CEO Geraldine B. Laybourne will make up the committee.
Insight’s two largest shareholders -- chairman Sydney Knafel and CEO Michael Willner -- and private-equity giant The Carlyle Group announced the plan Monday morning to offer the company’s shareholders $10.70 in cash for each Insight share they own, valuing Insight at about 9.4 times estimated 2005 cash flow and totaling some $650 million.
The company said it does not expect the process to have any impact on day-to-day business operations.