Telecoms group offered rich premium in $20bn deal but some shareholders may hold out for more
Verizon’s $20bn acquisition of Frontier Communications faces a nail-biting showdown at an investor meeting next week after some of the biggest shareholders in the fibre network company demanded at least a 30 per cent price increase. Canada-based BCE’s proposed $3.6bn acquisition of Ziply this week — a telco with a fibre network similar to that of Frontier — has become a flashpoint.
Verizon and Frontier declined to comment. The proposed deal suffered additional blows in recent days, after the closely watched proxy advisers Institutional Shareholder Services and Glass Lewis directed investors to abstain from voting next week, which in effect counts as rejecting the $38.50 price.
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