Alaska Communications Gets Superior Takeover Bid
December 24 2020 - 6:53AM
Dow Jones News
By Matt Grossman
Alaska Communications Systems Group Inc. has received a new and
higher takeover bid from a third party valued at about $332
million, including debt, the company said Thursday.
The bid tops an offer to acquire the Anchorage, Alaska-based
broadband and IT-services provider from Macquarie Capital and GCM
Grosvenor, who under the terms of an agreed deal with Alaska
Communications have the right to return to the negotiating table.
Alaska Communications' deal with Macquarie and GCM had permitted
the company to solicit additional bids.
The new bid would acquire Alaska Communications for $3.40 a
share, Alaska Communications said.
In the most recent version of the deal between Alaska
Communications and Macquarie and GCM, the two buyers would have
paid $3.26 a share for Alaska Communications, for a total
enterprise value of $325 million including net debt. The company
didn't identify the new bidder.
Alaska Communications would owe Macquarie and GCM a $6.8 million
fee if it terminates its agreement with them.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
December 24, 2020 06:38 ET (11:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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