Investor Urges Shareholders Not to Approve Consolidated Communications Sale

One of Consolidated Communications’ institutional investors is encouraging other shareholders not to vote in favor of the proposed Consolidated sale to Searchlight Capital Partners and British Columbia Investment Management Corporation. The investor, Wildcat Capital Management, owns about 3 million shares of Consolidated stock, or between 2 and 3 percent of the company. That makes Wildcat the fifth largest independent stockholder, according to Wildcat. In an open letter to the Consolidated board of directors, Wildcat argued that Consolidated is worth substantially more than the $3.1 billion that the potential acquirers have offered to pay. According to Wildcat, Consolidated is worth more like $4 billion.