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Consolidated receives buyout offer from Searchlight

14 Apr 2023

Consolidated Communications has confirmed that it received a non-binding takeover proposal letter from Searchlight Capital Partners and British Columbia Investment Management Corporation (collectively: the Searchlight Group) on 12 April 2023. Searchlight, which currently owns 34.3% of the company’s outstanding common shares, has offered to acquire all of the outstanding common shares of Consolidated not already owned by the Searchlight Group for cash consideration of USD4.00 per share.

The proposal letter states that any potential transaction must be subject to the approval and recommendation by a special committee of independent and disinterested directors, advised by independent legal and financial advisors. The proposal letter also indicates that any potential transaction would be subject to a non-waivable condition requiring the approval of the holders of a majority of the shares of common stock that are not owned by the Searchlight Group.

United States, Consolidated Communications (incl. Fidium Fiber), Searchlight Capital

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