Advertisement
News
Advertisement

RCN aborts buyout bid for FiberNet

Thu, 07/09/2009 - 8:25am
Mike Robuck

FiberNet Telecom Group, a New York provider of broadband interconnectivity services, said today that RCN has dropped its bid to purchase the company for $12.50 per share.

On June 16, RCN sent a letter to FiberNet that included a purchase offer of $96 million, which trumped a previous offer of $88 million by Louisville, Colo.-based Zayo Group.

Now that RCN has dropped its bid, FiberNet said it would proceed with closing a deal with Zayo Group, which was $11.45 per share in cash.

In addition to other conditions, the deal needs the approval of the Federal Communications Commission and state regulators and a vote by FiberNet shareholders.

FiberNet said the transaction is not subject to any financing conditions. The transaction is expected to close during the third quarter of this year.

More Broadband Direct 07/09/09:
•  Verizon asks FCC to step into Cablevision HD fight
•  Best Buy, TiVo forge strategic alliance
•  Spectrum inventory bill progresses
•  Comcast employee arrested after Ore. Robbery
•  RCN aborts buyout bid for FiberNet
•  JDSU buys into SAN test market
•  Competing offer looms as Feds OK bid for Nortel's assets
•  Exfo scales down tester for field work
•  Netflix signs on to stream movies to Sony's Bravia TVs
•  Broadband Briefs for 07/09/09

 

Topics

Advertisement

Share This Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading