Cooper Investors Issues Open Letter To Board Of Directors Of Frontier Communications Opposing Acquisition By Verizon
Date
10/15/2024 9:32:20 AM
(MENAFN- PR Newswire)
Expresses Concern that $38.50 Offer Price Significantly Undervalues Frontier and Fails to Reflect Value of Anticipated Synergies
Believes Frontier's Standalone Value is up to 62% Higher than Offer Price and Fair Transaction Value Would be up to 94% Higher than Offer Price
Confident Frontier Remaining as a Standalone Public Company is Optimal Outcome for Stockholders
Urges Frontier Stockholders to Vote
AGAINST the Proposed Transaction
MELBOURNE, Australia, Oct. 15, 2024 /PRNewswire/ -- Cooper Investors Pty Limited (together with its affiliates, "Cooper Investors"), an Australia-based global investment manager and significant stockholder of Frontier Communications Parent, Inc. (NASDAQ: FYBR ) ("Frontier" or the "Company"), today issued an open letter to the board of directors of Frontier in which it expressed its strong opposition to the acquisition of Frontier by Verizon Communications Inc. for $38.50 per share (the "Proposed Transaction").
In the letter, Cooper Investors expressed its belief that the standalone value of Frontier is as much as 62% higher than Verizon's offer price and that the fair transaction value would be up to 94% higher. Cooper Investors stated its intention to vote against approval of the Proposed Transaction and encouraged its fellow stockholders to do the same at the Company's upcoming special meeting of stockholders scheduled to be held on November 13, 2024.
The full text of the letter can accessed at the following link: Letter to the Board
About Cooper Investors
Cooper Investors is an Australia-based, employee-owned and operated global investment manager founded in 2001. The firm manages approximately $7 billion on behalf of families, charities, foundations, endowments and institutions.
THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. COOPER INVESTORS IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. COOPER INVESTORS IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
SOURCE Cooper Investors
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