FYBR - Frontier Communications Ares sign agreement on stock purchases

2023-04-03 07:52:42 ET

• Frontier Communications ( NASDAQ: FYBR ) has entered into an agreement with Ares Management and its affiliates in connection with stock purchases.
• Pursuant to the agreement, Ares has agreed that, without the prior written consent of Frontier, it will not directly or indirectly acquire more than 20% of the outstanding shares of common stock.
• It has also agreed to not enter into any agreement with any third party for recapitalization, restructuring, reorganization, spin-off or similar transaction regarding the company.
• The agreement was as a result of discussion between Frontier ( FYBR ) and Ares following its stock purchases between March 13 and March 29, 2023.
• As of the date of the agreement, Ares beneficially owned 37,094,654 shares, or ~15.1%, of the outstanding shares of common stock of the company.
• The agreement will terminate in 2024.

For further details see: