Bresnan Communications gets seven bids
(M&A Navigator Via Acquire Media NewsEdge) The auction of US broadband Internet service provider Bresnan Communications has attracted seven bidders offering to pay over USD1bn (EUR830m), a source in the know told Reuters yesterday.
According to the source, Cablevision Systems (NYSE:CVC), Suddenlink Communications and Liberty Media's John Malone were among the potential buyers.
The parties declined to comment.
Bresnan, in which private equity firm Providence Equity Partners holds a majority stake, was put up for sale after the death of its founder William Bresnan last year.
Bresnan, which is also owned by Comcast (NASDAQ:CMCSA), has more than 320,000 customers in Colorado, Montana, Wyoming and Utah.
Country: USA; Sector: Telecommunications Target: Bresnan Communications Inc Buyer: John Malone; Cablevision Systems Corporation; Suddenlink Communications Vendor: Comcast Corporation; Providence Equity Partners Inc Deal size in USD: 1bn Type: Divestment; Corporate acquisition Status: Auction ((Comments on this story may be sent to firstname.lastname@example.org)) (c) 2010 M2 COMMUNICATIONS
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