{"id":73540,"date":"2023-10-17T08:13:47","date_gmt":"2023-10-17T12:13:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/consolidated-communications-shares-rise-18-after-takeover-deal\/"},"modified":"2023-10-17T08:13:50","modified_gmt":"2023-10-17T12:13:50","slug":"consolidated-communications-shares-rise-18-after-takeover-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73540","title":{"rendered":"Consolidated Communications Shares Rise 18% After Takeover Deal"},"content":{"rendered":"
\n

By Will Feuer<\/p>\n

Shares of Consolidated Communications rose after the fiber company agreed to be bought for $4.70 a share by private-equity firm Searchlight Capital Partners and British Columbia Investment Management.<\/p>\n

The stock climbed 18% to $4.18. So far this year, the stock is up almost 17% after a previous offer from the two firms helped prop shares up.<\/p>\n

\n

The company has faced various challenges, including rising operating costs and higher interest rates, as it works to build up its next-generation fiber network. Chief Executive Bob Udell said the company recently delayed the estimated completion date for its fiber build to beyond 2026.<\/p>\n

The purchase price of $4.70 a share is a roughly 70% premium to the closing price of the company’s stock on April 12, before the company disclosed the initial buyout offer.<\/p>\n

Consolidated Communications considered other alternatives to the deal, including a cash injection, but decided the buyout was the best path forward, Chairman Robert Currey said.<\/p>\n

Write to Will Feuer at Will.Feuer@wsj.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Will Feuer Shares of Consolidated Communications rose after the fiber company agreed to be bought for $4.70 a share by private-equity firm Searchlight Capital Partners and British Columbia Investment Management. The stock climbed 18% to $4.18. So far this year, the stock is up almost 17% after a previous offer from the two firms […]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-73540","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nConsolidated Communications Shares Rise 18% After Takeover Deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Will Feuer Shares of Consolidated Communications rose after the fiber company agreed to be bought for $4.70 a share by private-equity firm Searchlight\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=73540\" \/>\n<meta property=\"og:locale\" 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