On October 24, 2024, Glendon Capital Management LP announced that it has sent a letter to the board of directors of the Frontier Communications stating the reasons for its opposition to the proposed acquisition by Verizon and reiterating its intention to vote against the proposed acquisition. Glendon Capital stated that it is not opposed to a sale, it believes the proposed acquisition of the Company by Verizon Communications Inc at a price of $38.50 per share substantially undervalues the Company?s existing assets and the future upside potential that rightfully belongs to Company shareholders. In addition, Glendon Capital urged the board to go back to the negotiation table to obtain an increased offer from Verizon in accordance with the value of Company?s assets and the Company?s exciting growth prospects, until then, it will be voting against the Verizon transaction.