Zayo Group LLC might not be FiberNet Telecom’s (FTGX) buyer after all.
Enterprise-minded cable operator RCN (RCNI) has swooped in with a $96 million purchase offer, a sum that certainly surmounts Zayo’s $88 million. And it was clear from the outset of the proposed Zayo-FiberNet transaction – announced in May – that “any superior proposals” made by June 17 would trump Zayo’s plan.
RCN said it sent a letter to FiberNet on June 16.
And the Herndon, Va.-based company now has sparked a bidding war. RCN and Zayo both target East Coast and Chicagoland markets, and each is expanding to include other regions, strategies to ensure growth and please shareholders. FiberNet said in a June 18 filing with the Securities and Exchange Commission it will hold talks with RCN, but warned that confirming the activity does not equal acceptance of RCN’s offer.
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