Glendon Capital Management Sends Letter To Frontier Communications Board Opposing Sale To Verizon For $38.50/Share
Portfolio Pulse from Benzinga Newsdesk
Glendon Capital Management has sent a letter to the board of Frontier Communications opposing the sale to Verizon for $38.50 per share.
October 23, 2024 | 12:05 pm
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NEGATIVE IMPACT
Glendon Capital Management opposes Frontier Communications' sale to Verizon for $38.50 per share, indicating potential resistance to the deal.
The opposition from a significant shareholder like Glendon Capital Management could create uncertainty around the sale, potentially affecting Frontier's stock negatively in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Verizon's proposed acquisition of Frontier Communications for $38.50 per share faces opposition from Glendon Capital Management.
While the opposition may delay or complicate the acquisition process, the direct impact on Verizon's stock is less certain as it is a larger company with diversified interests.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70