FiberNet Will Sell to Zayo, After RCN Pulls Offer
FiberNet Telecom Group Inc. (Nasdaq: FTGX) said that RCN Corp. has withdrawn a $12.50 per share buyout offer. Consequently, the company will persue an $11.45 per share offer from Zayo Group, a Louisville, Colo.-based regional provider of fiber-based network services. The total deal would be valued at around $86 million. Zayo has raised around $225 million in private equity funding, from firms like Morgan Stanley Alternative Investment Partners, Charlesbank Capital Partners, Battery Ventures, Centennial Ventures, Columbia Capital, M/C Venture Partners and Oak Investment Partners.
10 July 2009•2 mins read
