Zayo Offers $11.45 Per Share for FiberNet

IP services provider Zayo Group LLC is buying colo operator FiberNet Telecom Group Inc. (FTGX).

That is, unless FiberNet fields “any superior proposals from third parties” by June 17. And if it does, FiberNet won’t share any details until its board decides to accept any said superior proposal.

In the meantime, Zayo and FiberNet are planning to do the deal for $11.45 per share; that amounts to $87.8 million, based on FiberNet’s 7.67 million outstanding shares.

FiberNet’s stock closed at $9.91 on Thursday, which means the takeover total represents a 15.5 percent premium.

If all goes as planned, Zayo will wrap its acquisition of FiberNet in the third quarter.

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