CNSL - Consolidated Comms holder wants company to reject $4/share takeover offer -report

2023-07-12 07:45:11 ET

• A Consolidating Communications ( NASDAQ: CNSL ) holder is urging the company to reject a $4 per share takeover offer from Searchlight Capital Partners and British Columbia Investment Management.
• Wildcat Capital Management, the family office of TPG co-founder David Bonderman, wants CNSL to reject the $4 share takeover bid, according to a Reuters report , which cited a letter from Wednesday sent to CNSL's board.
• Wildcat Capital argues that the bid for the broadband services provider undervalued CNSL by 3.5 times, according to the letter. Wildcat said it owned 3 million CNSL shares, or a 2.6% stake.
• The letter comes after Consolidated Comms ( CNSL ) said in April that it would establish a special committee to review the take-private proposal.

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