Consolidated Communications Holdings, Inc. (Nasdaq: CNSL)
NEW YORK—Julie & Holleman LLP, a nationally recognized shareholder rights law firm, is investigating the proposed $4.70 per share acquisition of Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) by the company’s largest shareholder, private equity firm Searchlight Capital. The firm is concerned about the price being offered as well as potential conflicts of interest.
Please fill out the form below for more information, or contact partner W. Scott Holleman at (917) 325-3798 or scott@julieholleman.com. There is no cost or obligation to you.
Consolidated Communications has established itself as a leader in delivering the most reliable fiber communications solutions, and its position promises a strong growth trajectory. In April of 2023, the company received an acquisition proposal from Searchlight, which owns approximately 34% of Consolidated’s stock.
On October 16, 2023, Consolidated announced that it had entered into an agreement for Searchlight to acquire all the shares it doesn’t already own for $4.70 per share. This is well below the company’s $5.50 per share 52-week high.
Julie & Holleman, whose attorneys have helped secure hundreds of millions of dollars for shareholders, is concerned not only about the inadequate deal price, but also about conflicts of interest. Specifically, Searchlight has used its significant stake in the company to secure two seats on Consolidated’s board of directors and to gain access to insider information. Searchlight may have misused this leverage to secure the rest of the company and exclude public shareholders from the company’s future upside.
To learn more about the firm’s investigation, please fill out the form below.