A board committee set up for the purpose of considering the offer by the Dolan family, who are the founding members of Cablevision Systems Corp. (CVC), to buy out the company and take it private, rejected the offer, according to a letter that the committee released.
Special Transaction Committee which sent the letter to the Dolan Family Group said that "The revised offer does not represent fair value for the company's public shareholders nor does it contemplate a transaction that is in their best interest."
The original offer for the company was for $27 per share which was rejected, and the last offer was upped to $30 dollar per share which the Dolan Family Group said 
was its final.
Some analysts thought that the bid would be accepted and others didn't. Those that didn't believe the bid would be accepted said that the bid would have to be around $31 to $32 a share to be seriously considered.
Two things have kept the deal from happening. First, the company has had strong earnings growth and second, there is the possibility that Time Warner (TWX) may be thinking of taking over the company as well, which would result in a much higher price for the shareholders.
With the share price trading at 29.26 after hours, it shows that it probably doesn't make sense at this time to make the deal.
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