Mediacom Communications Corp. (NASDAQ: MCCC) is the subject of what may be a severe volume spike this morning on very negative trading trends.Â Here is whyâ¦ Rocco Commisso withdrew his offer to take Mediacom Communications private by acquiring the rest of the shares he does not already own.Â Here was his statement:
- âI 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 Committeeâs decision is not in the best interests of Mediacomâs shareholders.â
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.Â The $5.74 price compares to a close yesterday of $6.85 and a 52-week range of $3.85 to $7.65.
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