CSC Investments II Completes Optimum Stock Buyback, Purchasing 120 Million Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
CSC Investments II announced the final results of its tender offer, which expired at 5:00 p.m., New York City time, on June 30. Based on the final count by Equiniti Trust Company, the depositary for the tender offer, a total of 246,605,915 shares of Optimum's Class A Common Stock, par value $0.01 per share, were validly tendered and not validly withdrawn at the purchase price of $2.50 per Share. In accordance with the terms and conditions of the tender offer, CSC Investments II accepted for purchase a total of 120,000,000 Shares, representing 42.5% of the Shares issued and outstanding as of June 30 at the purchase price of $2.50 per Share, for an aggregate purchase price of $300,000,000, excluding fees and expenses relating to the tender offer.
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Analyst Views on OPTU
Wall Street analysts forecast OPTU stock price to rise
7 Analyst Rating
4 Buy
2 Hold
1 Sell
Moderate Buy
Current: 1.230
Low
1.75
Averages
2.33
High
2.75
Current: 1.230
Low
1.75
Averages
2.33
High
2.75
About OPTU
Optimum Communications, Inc., formerly Altice USA, Inc., is a broadband communications and video services provider in the United States, delivering broadband, video, mobile, proprietary content and advertising services to residential and business customers across approximately 21 states through its Optimum brand. The Company operates Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. Its footprint extends across various states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial (HFC) broadband network and a fiber-to-the-home (FTTH) network. The Company also operates News 12, which is focused on delivering hyperlocal news content, covering communities throughout Long Island, the Bronx, Brooklyn, Westchester, Hudson Valley, Connecticut and New Jersey.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Successful Financing: The newly formed subsidiary raised $500 million in capital by privately placing $300 million of preferred units with leading institutional investors and exchanging $200 million of preferred units for Optimum common stock at $2.50 per share, significantly improving liquidity.
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See More
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See More
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