(This Dec. 11 story has been corrected to remove reference to break-up fee)
Consolidated Communications (CNSL.O) 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.
Wildcat Capital Management, which has a stake of around 2.6% in Consolidated, had last month voiced its opposition against the sale that was agreed in November, months after the investor consortium had first submitted an offer to buy the company.
Mattoon, Illinois-based Consolidated, whose shares were down 1.5% in morning trading on Monday, did not immediately respond to a request for comment.
Searchlight Capital is the largest investor in Consolidated Communications with a stake of 34%.
