Business WireInsight Communications Company, Inc.'s co-founders Sidney R. Knafel and Michael S. Willner and The Carlyle Group today announced that they are proposing to acquire the outstanding publicly held shares of Insight for $10.70 per share in cash.
The acquiring entity, which will be called New Insight LLC, is offering a price representing an 11% premium over the closing price of Insight's stock on Friday, March 4, 2005 of $9.68 per share and a 17% premium over the six-month average closing price. The proposal values the total equity of Insight at approximately $650 million and implies an enterprise value of approximately $2.1 billion (based on Insight's attributable share of indebtedness). The transaction will not result in a change of control. The company's existing debt will remain outstanding.
Mr. Knafel, Chairman of Insight, stated, "This proposal represents an opportunity for Insight's public shareholders to realize liquidity at a price higher than the shares have traded over the past 12 months."
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