New York (Dow Jones) -- Investors in Cablevision Systems voted today to reject a $10.6bn (€11.2bn) offer to take the cable operator private.

The vote was expected after several of Cablevision's top investors said they would vote against the deal because they believed the offer for $36.26 a share was too low. The bid from Cablevision's controlling shareholders, the Dolan family, required support from a majority of shareholders unaffiliated with the Dolans.