InsideArbitrage Potential Deal Alert: Consolidated Communications Holdings (CNSL) receives $4 per share buyout offer

  • April 13, 2023

POTENTIAL DEAL DETAILS

StockConsolidated Communications Holdings, Inc.SymbolCNSL
Date Announced04/13/2023Source Press Release
TypeUnsolicited BidAcquiring Company/Person Searchlight Capital Partners and British Columbia Investment Management Corporation
Date of Confirmation: 10/16/2023Price at Confirmation: $3.53
Potential Profit: -3.81%Annualized Profit: -7.49%

According to 13D filing, Searchlight Capital Partners, L.P., on behalf of its affiliated investment funds, and British Columbia Investment Management Corporation submitted a non-binding proposal to acquire all of the outstanding shares of common stock of Consolidated Communications Holdings (CNSL) not already owned by Searchlight or BCI for cash consideration of $4.00 per share.

Update(s):

July 12, 2023: Wildcat Capital Management LLC, which manages the wealth of buyout firm TPG Inc’s (TPG) co-founder David Bonderman, has asked Consolidated Communications Holdings Inc (CNSL) to reject an offer to take the company private for $2.9 billion including debt.

November 3, 2023: Wildcat Capital Management sends a letter to Consolidated Communications’ board of directors opposing take private transaction at $4.70 per share.

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.