Wildcat Capital Management LLC, which manages the wealth of buyout firm TPG Inc's co-founder David Bonderman, has asked Consolidated Communications Holdings Inc to reject an offer to take the company private for $2.9 billion including debt.
A non-binding $4-per-share all-cash offer for the broadband services provider undervalues it by 3.5 times, Wildcat wrote to Consolidated Communications' board in a July 12 letter that was reviewed by Reuters.
The offer was made on April 12 by a consortium led by private equity firm Searchlight Capital, which owns 34% of Consolidated Communications. Consolidated Communications shares rose 13% to $4.08 on Wednesday morning in New York, above the $4-per-share offer price, indicating that some investors are betting that a higher bid is now likely.
TD Cowen analysts wrote in an April 13 note that they expected Consolidated Communications to accept the deal given its capital needs and operational challenges. The proposed valuation was "good" compared to how the shares of "other copper fixer-uppers" were trading or have been acquired, they said.
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