The controlling shareholders of Cablevision Systems, the Dolan family, raised their bid today to take the company private to $8.9 billion and said it was their final offer. Cablevision said it will study the new proposal.
The offer of $30 a share is an increase of 11% over their previous offer of $27 a share for the New York-area cable operator, which also owns Madison Square Garden, three cable networks and other properties.
The Dolans had been widely expected to raise their bid. The family owns about 20% of Cablevision's stock but controls 74% of the shareholder vote through a special class of shares.
A special committee of the Cablevision board has been reviewing the Dolans' proposal. Cablevision said the committee will review the new proposal, but did not comment further.
CNBC's David Faber says investors were looking for a higher bid of "at least $31 a share, maybe even more."
Shares of Cablevision have been trading above $27 since late October in anticipation of a higher bid.
The Dolans said the latest offer will expire at the close of business on Jan. 17.
Charles Dolan is Cablevision's chairman, and his son James is CEO. The two have feuded in the past but appear to have settled their differences.