A large Cablevision Systems Corporation (NYSE:CVC) shareholder may exercise his rights to have the value of his shares appraised in connection with the cable company's proposed buyout deal, according to a Schedule 13D/A filing with the SEC.

Mario Gabelli, who owns an 8.3% stake in the company, said he is carefully considering the buyout offer that he believes is too low. Many shareholders and analysts are carefully watching his moves as his stake may be a key voting block in during the company's upcoming proxy.

"Part of us says take the money and run because of what the world's going through with regard to the [lending market] crisis," said Gabelli in an interview with The New Post. "But it could be worth $65 to $70 a share in five years."

The Dolan family, which controls Cablevision, has proposed to take the company private in a deal worth $10.6 billion - or $36.26 per share. The company's shareholders will vote on the deal on October 24th, while the transaction has already been approved by Cablevision's board.

In the end, a buyout is probably the best option for shareholder given the troubles in the credit market and risks over the next five years. However, whether the transaction gets consummated remains to be seen. We could possibly see a higher buyout price if the appraisal puts a significantly increased valuation on the company. Combined, these factors make this stock one worth watching!

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