Consolidated Communications investor Frischer opposes $3.1 bln take-private deal

Consolidated Communications Holdings

11/12/2023 17:02

Dec 11 (Reuters) - Consolidated Communications  CNSL.O 
investor Charles Frischer said on Monday he plans to vote
against the broadband services provider's $3.1 billion
take-private deal with an investor consortium, becoming the
latest shareholder to oppose the sale.
    The $4.70-per-share all-cash offer from the group comprising
Searchlight and British Columbia Investment Management reflects
"a fraction of the company's true value," said Frischer, who
along with his wife owns a stake of about 1.22% in Consolidated.
    "I agree with Wildcat Capital Management LLC's determination
to vote against the sale of the company and intend to vote
against the transaction as well," Frischer said. 
    Wildcat Capital Management, which has a stake of around 2.6%
in Consolidated, had last month voiced its opposition against
the sale that was agreed in November, months after the investor
consortium had first submitted an offer to buy the company.     
    Mattoon, Illinois-based Consolidated, whose shares were down
1.5% in morning trading on Monday, did not immediately respond
to a request for comment. 
    In a letter to the board, Frischer also questioned a $15.9
million "break-up" that Searchlight will get if the majority of
investors other than the suitor reject the deal. 
    Searchlight Capital is the largest investor in Consolidated
Communications with a stake of 34%.

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh
Kuber)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))