On November 7, 2024, Frontier Communications Parent, Inc. issued a statement in response to ISS and Glass Lewis' recommendations to "Abstain" from voting on its proposed transaction with Verizon. Frontier's Board of Directors strongly disagrees, emphasizing that Verizon's all-cash offer of $38.50 per share represents a 37% premium to Frontier?s pre-announcement price and reflects a significant premium over historical stock performance. The Board highlighted that the offer emerged from a competitive process, resulting in a substantial improvement from Verizon?s initial bid and presenting superior value compared to all other alternatives.
The Company maintains that the transaction is in the best interest of stockholders, offering value certainty and insulating them from potential downside. In addition, the Company urged the stockholders to vote "FOR" the transaction at the special meeting on November 13, 2024, warning that abstention is effectively a vote against the deal, which could lead to the immediate termination of the merger agreement by either party without penalty.