The Dolans, who own about 20 percent of Cablevision Systems Corp. (CVC) common stock, raised their bid for the company by $1.1 billion today 
but the shares still dropped as investors yawned over the bid.
The bid will expire on Jan. 17 and values the company at $8.9 billion. The Dolan's shares represent 70.4 percent of the voting power and this new bid was only up $3 per share from $27 to $30, according to this Reuters article. According to an analyst quoted in the article investors were looking more for a $31 or $32 bid per share.
The speculation is that once the company is bought and taken private it will be sold off to a larger operator, such as Time Warner Inc. (TWX) or Comcast (CMCSA), although the Dolans maintain they have no intention of selling and were even willing to consider contractual provisions to ensure that doesn't happen.
The family made a failed attempt in 2005 to take the company private and spin off other assets but the price, once again, wasn't remotely tempting and was blocked.
Cablevision owns the Madison Square Garden sports arena and the New York Knicks basketball team.
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