Mediacom Communications Corp. (NASDAQ: MCCC) is the subject of what may be a severe volume spike this morning on very negative trading trends. Here is why… Rocco Commisso withdrew his offer to take Mediacom Communications private by acquiring the rest of the shares he does not already own. Here was his statement:
- “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. I firmly believe that the Special Committee’s decision is not in the best interests of Mediacom’s shareholders.”
Shares just opened down 16% at $5.74 and as of 9:33 AM EST there have already been almost 200,000 shares traded versus an average volume 424,000 shares. The $5.74 price compares to a close yesterday of $6.85 and a 52-week range of $3.85 to $7.65.
JON C. OGG