Vermont Business Magazine FairPoint Communications, Inc (FRP), Vermont's largest communications provider based in North Carolina, announced today that it will hold a special meeting of stockholders to approve the proposed merger with Illinois-based Consolidated Communications Holdings, Inc. (CNSL). The special meeting will be held on March 28, 2017 at 11 am ET at The Westin Charlotte, 601 South College Street, Charlotte, North Carolina. FairPoint Communications’ stockholders of record at the close of business on February17, 2017, the record date for the special meeting, will be entitled to receive notice of the special meeting and to vote their shares of common stock at the special meeting.
On December 3, 2016, FairPoint entered into an agreement and plan of merger with Consolidated Communications. In the all-stock deal, FairPoint shareholders will receive 0.7300 shares of Consolidated Communications stock per share of FairPoint common stock.
Shares of both companies have slid in the last couple of weeks. FRP was at $18.83 on February 21 and are at $16.15 per share today. With the two companies shares tied together by the impending deal, CNSL shares were trading at $26.57 on February 21 and are at $22.97 today. CNSL on February 23 posted revenue of $175.9 million for its fourth quarter, with net income less than 1 cent on a per-share basis. Shares immediately slumped on the quarterly report.
About FairPoint Communications, Inc.
FairPoint Communications, Inc. (FRP) provides advanced data, voice and video technologies to single and multi-site businesses, public and private institutions, consumers, wireless companies and wholesale re-sellers in 17 states. Leveraging an owned, fiber-based Ethernet network — with more than 22,000 route miles of fiber, including approximately 18,000 route miles of fiber in northern New England — FairPoint has the network coverage, scalable bandwidth and transport capacity to support enhanced applications, including the next generation of mobile and cloud-based communications, such as small cell wireless backhaul technology, voice over IP, data center colocation services, managed services and disaster recovery. For more information, visit www.FairPoint.com.
CHARLOTTE, N.C., Feb. 27, 2017 (GLOBE NEWSWIRE) -- FairPoint Communications, Inc