Insight Seeks To Go Private

Following in the footsteps of Cox Communications, Insight Comunications is planning to turn itself into a privately owned company. Insight controlling shareholders Sidney Knafel and Michael Willner announced a deal with the Carlyle Group earlier today to take the MSO private by buying its outstanding public shares for $10.70 apiece. The proposal values Insight's total equity at about $650 million. Insight's board and shareholders must still approve the proposal. Cable operators have been exploring the idea of going private to shield themselves from a rocky stock market and take advantage of lower share prices. Cox Enterprises set the pace late last year when it took Cox Communications private by buying up the rest of its publicly owned shares for $8.5 billion. In today's announcement, Knafel and Willner vowed that they won't consider other bids for Insight.
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