A week ahead of a key shareholder vote Oct. 24, an influential Cablevision Systems investor and a major proxy advisory firm are opposing an effort by the Dolan family to take the cable operator they control private. ISS Governance Service, a firm that advises institutional investors on how to vote their shares, sent its clients a report advising them to vote against the deal, noting that several Wall Street analysts put the value of Cablevision well above the Dolans' price of $36.26 per share.
Recalls cost Mattel
Mattel on Monday reported a 1% drop in its third-quarter profit because of the impact of charges, costs and multiple product recalls by the world's biggest toymaker. Profit slipped from $239 million a year ago to $236.8 million. The latest results included charges of about $40 million related to the company's recalls of merchandise containing small magnets or tainted with lead paint. Revenue rose 3% to $1.8 billion. Mattel said it saw continued strong performance from its Disney/Pixar "Cars" property, while the recalls particularly stung sales of Fisher-Price's "Dora the Explorer" offerings. Global Barbie sales fell 4%.
China's biggest e-commerce firm, Alibaba.com, plans to raise as much as $1.3 billion after setting a price range for its Hong Kong initial public offering, sources said Monday. Alibaba.com is offering 858.9 million shares, or 17% of its enlarged share capital, at HK$10-HK$12 each, the sources told Reuters. Yahoo, which already has a 40% stake in the firm's parent, plans to buy $100 million worth of shares.