Zayo Group to acquire FiberNet Telecom Group
MAY 29, 2009 -- Each share of FiberNet common stock issued and outstanding immediately prior to the effective time of the merger will be entitled to receive $11.45 in cash, subject to potential adjustment under the merger agreement.
MAY 29, 2009 -- FiberNet Telecom Group, Inc. (search Lightwave for FiberNet) has entered a definitive agreement and plan of merger with Zayo Group LLC (search Lightwave for Zayo), a regional provider of bandwidth and telecom services to carrier, enterprise, and government customers and Zayo Merger Sub, Inc., a wholly owned subsidiary of Zayo Group. Each share of FiberNet common stock issued and outstanding immediately prior to the effective time of the merger will be entitled to receive $11.45 in cash, subject to potential adjustment under the merger agreement.
The deal would be the latest in a string of acquisitions Zayo Group has made to expand its footprint.
The transaction is subject to the approval of FiberNet's stockholders at a special meeting, FCC and state regulatory approvals, and customary conditions. The transaction is not subject to any financing condition. The board of directors of FiberNet approved the agreement and recommended the adoption of the agreement by FiberNet's stockholders. The transaction is expected to be completed during the third quarter of 2009.
FiberNet will solicit superior proposals from third parties until June 17, 2009. It does not intend to disclose developments regarding this solicitation process unless and until its board of directors decides to accept a superior proposal.
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