Suddenlink plans $35 million in upgrades
CHARLESTON — Communications company Suddenlink projected Monday it will make $35 million in capital investments in West Virginia this year to improve cable TV, Internet and phone services.
“Our 2013 investments in West Virginia will help us further enhance the quantity, quality, and reliability of our video, phone, and Internet services, including enhancements to our Any-Room DVR service,” said Suddenlink spokesman Michael Kelemen said in a news release.
The company estimates its investment in the state since 2006 will total $300 million by the end of the year. Suddenlink serves more than 200,000 households and more than 11,000 business customers in West Virginia.
Card maker American Greetings to go private
CLEVELAND — American Greetings has agreed to be taken private by a group led by some of its top executives in a deal that values the company at about $580 million.
The greeting card and gift seller said Monday that a group formed by the Weiss family, including Chairman Morry Weiss and CEO Zev Weiss and others, will buy the shares of the company they don’t already own for $18.20 per share in cash.
This is a 13 percent premium to American Greetings Corp.’s closing price of $16.10 last Thursday.
American Greetings said that the acquisition will be financed with a combination of the contributions of company stock owned by the Weiss family, cash funded by a $240 million non-voting preferred stock investment committed by a subsidiary of Koch Industries Inc., $600 million in committed debt financing and available cash.
American Greetings’ board unanimously approved the deal, which still needs shareholder approval.
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