Frontier’s second-largest holder plans to vote against sale to Verizon – Reuters

Frontier Communications’ (NASDAQ:FYBR) second-largest shareholder plans to vote against its planned almost $10 billion sale to Verizon (VZ).

Glendon Capital Management, which owns an almost 10% stake in Frontier (FYBR), plans to oppose the sale as it believes Verizon’s $38.50 a share offer for Frontier is too low, Reuters reported on Monday, citing people familiar with the matter.

Verizon and Frontier didn’t immediately respond to Reuters request for comment

Frontier (FYBR) in February said it’s executing a formal strategic review process. The review came after activist investor Jana Partners called for an immediate strategic review and possible sale of the company. In October, Jana argued that Frontier’s (FYBR) depressed valuation and strong position in the fiber broadband sector would make it attractive to wireless carriers and private-equity-owned assets in the sector.