Nov 7, 2024, 5:02 PM

Frontier Communications Rejects ISS and Glass Lewis' Voting Abstention Advice

ISS A/S

company Verizon

American broadband and telecommunications company glass blowing

Technique for forming glass C. S. Lewis

British writer, lay theologian and scholar (1898–1963)

Highlights

Frontier Communications issued a statement responding to ISS and Glass Lewis recommendations.
The proposed transaction with Verizon offers stockholders a significant premium and has improved since initial bids.
Frontier urges stockholders to vote in favor of the transaction at the special meeting on November 13.

Story

Frontier Communications, on November 7, 2024, reaffirmed its position regarding the proposed transaction with Verizon. Disagreeing with ISS and Glass Lewis' recommendations to abstain from voting, Frontier emphasized the value of the all-cash deal, which it claims offers a significant premium compared to previous valuations. The company pointed out that the transaction reflects a 17% to 28% improvement from Verizon's initial offer. Frontier highlighted its ongoing communication with Verizon, indicating no expected changes to the merger terms. Should stockholders vote against the transaction, Frontier plans to refocus on its standalone business strategy.

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