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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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
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