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Cablevision offers $16.5 billion for Adelphia

Cablevision Systems bid $16.5 billion in cash for bankrupt rival Adelphia Communications. Cablevision made the offer on its own -- apparently deciding to sever ties with the two private-equity firms it had been working with on an Adelphia bid. NYTimes.com (4/6), Denver Post, The/Bloomberg (4/6), Wall Street Journal, The (4/6)