CNSL - Consolidated Communications to set up special panel to review take-private offer

2023-04-13 17:22:00 ET

• Consolidated Communications ( NASDAQ: CNSL ) on Thursday confirmed the receipt of a non-binding $4/share buyout offer from shareholders Searchlight Capital Partners and British Columbia Investment Management.
• The company will establish a special committee consisting of its independent directors to review the take-private proposal, as well as any other bids or any available strategic alternatives.
• Consolidated ( CNSL ) said it only recently received the proposal and has not carefully reviewed it yet.
• The company's shares had ended ~39% higher after Searchlight disclosed the offer.

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