GlobeNewswire
Johnson Fistel Investigates the Proposed Merger of Frontier Communications; Is $38.50 a Fair Price?
SAN DIEGO, Nov. 27, 2024 (GLOBE NEWSWIRE) --
Johnson Fistel, LLP has begun an investigation into whether the board members of Frontier Communications Parent, Inc. (NASDAQ: FYBR) breached their fiduciary duties in connection with the proposed merger with Verizon Communications Inc. (NYSE: VZ).
On November 13, 2024, Frontier Communications shareholders approved the merger agreement with Verizon, with approximately 63% of stockholders voting in favor of the merger. However, ten of Frontier’s twelve largest shareholders voted against approving the merger, mainly complaining the merger significantly undervalued Frontier. For example, Cooper Investors PTY Limited, which owns 800,000 shares, said the merger "significantly undervalues" Frontier and "fails to adequately compensate stockholders for the anticipated synergies that would be created by the transaction," and believes Frontier's "standalone value is 24-62% above the offer price." Further, a New Street Research analyst stated in a report Verizon could "comfortably pay at least $67 and still create value for its shareholders.” The New Street Research report also advocated for shareholders to reject the deal unless they receive a higher price.
You can click or copy and paste the following link to join this investigation: https://www.johnsonfistel.com/investigations/frontier-communications-parent-inc
If you are a shareholder of Frontier and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
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