'ISS Recommends Frontier Shareholders Abstain From Voting On Verizon's Takeover Bid' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
Institutional Shareholder Services (ISS) recommends Frontier Communications shareholders abstain from voting on Verizon's $20 billion takeover bid, suggesting the potential for more value in the future. Verizon's offer of $38.50 per share faces opposition from some shareholders, including Glendon Capital Management, which believes the offer undervalues Frontier. Frontier, however, urges shareholders to support the deal, citing it as the most favorable option.
November 01, 2024 | 7:07 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
ISS recommends Frontier shareholders abstain from voting on Verizon's takeover bid, suggesting potential for more value. Some shareholders oppose the deal, believing it undervalues Frontier.
The recommendation to abstain from voting on the takeover bid suggests uncertainty and potential for more value, which could lead to stock price volatility. However, the lack of immediate action means the short-term impact is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Verizon's $20 billion bid for Frontier faces opposition, with ISS recommending shareholders abstain from voting. The deal is seen as undervaluing Frontier by some shareholders.
The opposition to Verizon's bid and ISS's recommendation to abstain could delay the acquisition process, leading to uncertainty. However, the immediate impact on Verizon's stock is likely neutral as the deal is still in negotiation.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80