TCAT is now officially a buyout candidate. Congrats to all who still hold shares.
Wed, 12 May 1999, 7:23am EDT
Cox Communications to Buy TCA Cable for $4 Bln, $63.89 a Share
New York, May 12 (Bloomberg) -- Cox Communications Inc., the
No. 5 U.S. cable-television company, said it agreed to buy TCA
Cable TV Inc. for $4 billion in stock and cash, or $63.89 a
share, to become the nation's fourth largest cable provider.
Cox will swap $31.25 in cash and 0.3709 of a share of Cox
common Class A stock for each share of Tyler, Texas-based TCA.
The price represents a 23 percent premium to TCA's closing price
yesterday of 52 1/16. TCA holders may choose to receive $62.50 in
cash for each TCA share or 0.7418 a share of Cox Class A stock.
Cox will gain TCA's 883,000 customers in Texas, Arkansas,
Louisiana and four other states. That, along with Cox's pending
acquisition of Media General Inc.'s cable-TV operations, will
make Cox the fourth-biggest U.S. cable provider, the company
said.
Atlanta-based Cox said the transaction has been approved by
both companies' boards and about 21 percent of TCA shareholders
have already agreed to vote for the purchase.
The Wall Street Journal reported the news earlier today.
Cox rose 1/8 to 88 yesterday.
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