Summary Box: Mediacom CEO drops proposal to take cable TV company private

Summary Box: Mediacom drops proposal to go private

BUYOUT OFFER DROPPED: Mediacom Communications Corp. Chairman and CEO Rocco Commisso dropped his proposal to take the cable television company private, after a special board committee rejected his latest offer. Commisso offered last spring to pay about $245 million to acquire all the remaining Mediacom shares he didn’t already own.

MARKET REACTION: Mediacom shares dropped almost 17 percent in morning trading, to $5.71, below the $6 per-share price Commisso originally offered to pay.

LOOKING AHEAD: Commisso says he has no interest in selling his Mediacom shares. He owns about 40 percent of the company’s common stock.