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    Home ยป Consolidated Communications Agrees to $4.70 per Share Buyout Offer
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    Consolidated Communications Agrees to $4.70 per Share Buyout Offer

    October 16, 20231 Min Read
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    Shares of Consolidated Communications (CCOM) experienced an 18% surge, reaching $4.18, following the announcement of its potential acquisition by private-equity firm Searchlight Capital Partners and British Columbia Investment Management. This year alone, the stock has already increased by nearly 17%, thanks to a previous offer from the two firms that helped bolster its value.

    While Consolidated Communications has had to navigate through several challenges, such as escalating operating costs and higher interest rates, it has been focused on expanding its next-generation fiber network. CEO Bob Udell recently revealed that the estimated completion date for the company’s fiber build has been pushed back to a timeframe beyond 2026.

    The agreed-upon purchase price of $4.70 per share represents a significant premium of approximately 70% over the company’s closing stock price on April 12, just before the initial buyout offer was disclosed.

    Chairman Robert Currey shared that Consolidated Communications thoroughly explored alternative options, including cash injections. Ultimately, however, the company determined that the buyout offer presented the most advantageous path forward.

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