Cogent's acquisition of Allied Riser Communications has been completed; Allied Riser’s common stock to be removed from Nasdaq

February 4, 2002

1 Min Read

WASHINGTON, D.C. -- Cogent Communications Group, Inc., a Tier One, next-generation optical ISP announced today that it closed its merger transaction with Allied Riser Communications Corporation(NASDAQ: ARCC) and Cogent will begin trading on the American Stock Exchange tomorrow morning, February 5, 2002. As a result of the transaction, Allied Riser became a wholly owned subsidiary of Cogent. On January 31st, Allied Riser shareholders approved the merger of the two companies at a shareholder meeting held in Dallas, Texas. Pursuant to the terms of the merger agreement, Allied Riser shareholders will receive approximately .032 shares of common stock of Cogent for each Allied Riser share held, in a transaction structured to be a tax-free exchange.Upon completion of the merger, Allied Riser became a wholly owned subsidiary of Cogent and Allied Riser’s common stock will be voluntarily removed from listing on the NASDAQ Stock Market’s National Market System. Cogent’s common stock was immediately listed and will commence trading tomorrow morning on the American Stock Exchange under the symbol COI.Jerry Dinsmore, departing Chairman, Chief Executive Officer and President of Allied Riser stated, “This transaction provides the opportunity for all stakeholders in Allied Riser to participate in the further development of a unique network combining ARC’s in-building fiber optic facilities with Cogent’s expanding national network.”Cogent Communications Inc.

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