Consolidated Communications investor Frischer opposes $3.1 billion take-private deal

Consolidated Communications investor Charles Frischer said on Monday he plans to vote against the broadband services provider’s $3.1 billion take-private deal with an investor consortium, becoming the latest shareholder to oppose the sale.

The $4.70-per-share all-cash offer from the group comprising Searchlight and British Columbia Investment Management reflects “a fraction of the company’s true value,” said Frischer, who along with his wife owns a stake of about 1.22% in Consolidated.

“I agree with Wildcat Capital Management LLC’s determination to vote against the sale of the company and intend to vote against the transaction as well,” Frischer said.