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Glendon Capital Management Sends Letter to Frontier Communications (FYBR) Opposing Sale to Verizon for $38.50 Per Share

Key Summary: On October 23, 2024, Glendon Capital Management (9.7%) opposed Verizon's proposed acquisition of Frontier Communications at $38.50 per share, arguing it undervalued the company’s assets and earnings potential.

 

Market Cap: $9 billion | Frontier Communications Parent, Inc., together with its subsidiaries, provides communication and technology services in the United States.


On October 23, 2024, Glendon Capital Management (9.7%) opposed the proposed acquisition of Frontier Communications by Verizon at $38.50 per share, claiming it undervalued Frontier's assets and earnings potential. Glendon argued that Frontier's enterprise value was at least $26 billion—30% higher than the $20 billion reflected in the Verizon deal—citing flawed discounted cash flow and peer analyses by Frontier's Board. The firm also criticized the rushed scheduling of the stockholder meeting and record date, urging an extension to allow for a thorough assessment of Frontier's standalone value. Source

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