Consolidated Communications Urges Shareholders To Vote FOR Proposed Deal With Searchlight And BCI
(RTTNews) - Consolidated Communications Holdings, Inc. (CNSL) announced Monday it has filed its definitive proxy statement. The Company has also filed a letter to shareholders in connection with its upcoming special meeting of shareholders urging shareholders to vote "FOR" the proposed acquisition of the Company by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation.
The Special Meeting is scheduled to be held on January 31, 2024, and shareholders of record as of December 13, 2023 will be entitled to vote at the meeting.
The Consolidated board of directors believes the offer of $4.70 per share represents the best risk-adjusted outcome for shareholders, particularly in light of the significant risks associated with Consolidated's prospects as a public company with limited access to capital.
The Board also urges shareholders to vote "FOR" the Proposed Transaction as it determined that the Proposed Transaction is the most compelling - and only viable - path forward.
The $4.70 per share to be paid in cash is a 70% premium to the Company's share price on the last full trading day prior to the submission of Searchlight's and BCI's initial non-binding proposal.
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