Tyler, Texas -- The estate of TCA Cable TV Inc. founder
Robert M. Rogers and a related trust filed a registration statement late last month
related to plans to sell 3.8 million shares of common stock that Rogers left them.
The estate and the Rogers Property Trust retained
Donaldson, Lufkin & Jenrette to look for buyers of the stock, which represents about
15 percent of TCA's outstanding total of around 25 million Class A shares. Rogers
died in September.
The registration statement said the sellers want to get up
to $60 per share, or a total of $228.4 million.
TCA's share price was $61.75 April 29, the day before
TCA announced the filing. The stock was trading at $61.88 late last Monday afternoon.
TCA vice president Robert Roseman noted that the company
has a right of first refusal to buy the shares, and he said company officials, per
Rogers' wishes, have been consulted on the estate's plans. "We're
working with them, and we think that they'll accomplish their goals and we'll
accomplish ours," he said.
TCA's goal is to remain independent, Roseman said, in
order to pursue its business plan of becoming the dominant cable operator in its
Southwestern region.
Murray Arenson, an analyst who follows TCA at Hoak
Breedlove Wesneski & Co. in Dallas, said the $60 registration price indicated
underlying confidence in the company, since such a large block of stock would probably
sell at a discount. He also said TCA officials are probably confident that the stock will
end up in the hands of long-term investors that support the company's strategic
direction.
