WideOpenWest Confirms Receipt of Unsolicited Non-Binding Preliminary Proposal That Crestview Does Not Currently Own For $4.80 Per Share In Cash.
Portfolio Pulse from Benzinga Newsdesk
WideOpenWest, Inc. (WOW) has received an unsolicited non-binding preliminary proposal from DigitalBridge Investments, LLC and Crestview entities for purchasing all outstanding shares of WOW that Crestview does not own at $4.80 per share in cash. The WOW Board of Directors plans to form a special committee to evaluate this proposal. Currently, WOW stockholders are advised not to take any action.
May 03, 2024 | 12:01 pm
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WideOpenWest, Inc. (WOW) received an unsolicited purchase proposal at $4.80 per share in cash from DigitalBridge Investments, LLC and Crestview entities.
The unsolicited non-binding preliminary proposal to purchase WOW at $4.80 per share represents a significant event that could lead to a change in ownership. The formation of a special committee to evaluate the proposal indicates that the board is taking the offer seriously, which could potentially lead to a short-term increase in WOW's stock price as investors react to the possibility of an acquisition. However, the non-binding nature of the proposal and the advisory for stockholders to not take any action at this time introduce uncertainty, moderating the confidence level.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100