Some of Frontier Communications' largest shareholders are concerned about its planned $9.6 billion takeover by Verizon Communications, with its second...
NEW YORK - Some of Frontier Communications ' largest shareholders are concerned about its planned $9.6 billion takeover by Verizon Communications , with its second-largest investor planning to vote against the deal, three sources sources familiar with the firm's plans said.
Separately, Cerberus Capital Management, which owns 7.3% of Frontier, has privately expressed its view that the Verizon purchase price dramatically undervalues Frontier, people familiar with the investment firm's thinking said. It was not immediately clear how the investment firm would vote. A spokesman for Cerberus declined to comment.
For Verizon the acquisition would help it compete better against rivals AT&T and T-Mobile as they double down on unlimited plans and bundling options.The investors' views come as some research analysts have also said Verizon's price is low and that investors should wait because Frontier's assets will become more valuable over time.
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