Proxy firms give WOW/Knology deal stamp of approval
Two leading independent proxy advisory firms have thrown their support behind the $1.5 billion merger agreement between WideOpenWest and Knology.
Yesterday, Knology issued a press release that said Institutional Shareholder Services (ISS) and Glass Lewis & Co. have recommended that Knology stockholders vote in favor of the merger agreement during a special meeting of stockholders on June 26.
A Knology shareholder filed a lawsuit recently to stop the proposed merger, citing the $19.75-per-share offer by WOW and its investment partner as undervalued based on Knology’s recent performance.
Yesterday, Standard & Poor's ratings service raised its corporate credit rating on WOW to “B” from “B-.”
The merger, which is expected to close this fall, was first proposed April 18.