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Glendon Capital, which owns nearly 10% of Frontier's outstanding shares, said it will vote against Verizon's proposed acquisition of Frontier for $38.50 per share. #pressrelease
October 23, 2024
Glendon Capital Management LP ("Glendon"), a private investment firm which is one of the largest shareholders of Frontier Communications Parent, Inc. ("Frontier" or the "Company") (NASDAQ: FYBR), owning nearly 10% of the outstanding shares of the Company's common stock, today sent a letter to Frontier's Board of Directors (the "Board") regarding Glendon's decision to vote against the proposed acquisition of Frontier by Verizon Communications Inc. ("Verizon") at a price of $38.50 per share (the "Verizon Transaction").
In the letter, Glendon expressed its belief that Frontier's enterprise value is at least $26 billion today, 30% higher than the current $20 billion enterprise value ascribed from the Verizon Transaction, based on an analysis of the most recent and relevant comparable transactions as well as Frontier's expected future cash flows.
Additionally, Glendon expressed its disappointment with the Board's illogical and rushed setting of the record date and special meeting of stockholders, and urged an extension of both dates to enable shareholders to fully understand the standalone case for Frontier.
Read the full press release here.
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