Private Equity Firm Offers to Buy AboveNet Report

A private equity firm has submitted a binding offer to acquire AboveNet Inc., a provider of high-bandwidth connectivity solutions to telecommunications carriers and other businesses, according to a report.

The New York Post reported the development last week, but said it could not learn about the terms of the bid.

AboveNet supposedly has been seeking a buyer for several months and has been trying to raise interest in the company through a JPMorgan Chase-run auction. The company has been asking for a minimum bid of $80 per share, or more than $2 billion, a partner at a second buyout firm told the Post.

Shares of AboveNet (ABVT) closed Monday at $70.32 on the New York Stock Exchange.

In the first quarter, AboveNet reported net income of $14.5 million, or $0.54 per diluted share, on revenues of $114.4 million.

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