The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, detailing the sale that occurred on December 10, 2024. The filing also notes that the shares are held indirectly, with ownership attributed to various funds and entities managed by Ares Management (NYSE:ARES). With a market capitalization of $8.6 billion, FYBR currently trades near analyst targets ranging from $38.50 to $64.00 per share. With a market capitalization of $8.6 billion, FYBR currently trades near analyst targets ranging from $38.50 to $64.00 per share.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, detailing the sale that occurred on December 10, 2024. The filing also notes that the shares are held indirectly, with ownership attributed to various funds and entities managed by Ares Management. With a market capitalization of $8.6 billion, FYBR currently trades near analyst targets ranging from $38.50 to $64.00 per share.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, detailing the sale that occurred on December 10, 2024. The filing also notes that the shares are held indirectly, with ownership attributed to various funds and entities managed by Ares Management.
In other recent news, Frontier Communications (OTC:FTRCQ)' shareholders have approved a merger agreement with Verizon Communications (NYSE:VZ), a significant step towards Frontier becoming a wholly owned subsidiary of Verizon. This development follows Frontier's Q2 2024 earnings announcement, which reported a 2% increase in revenue, reaching $1.48 billion, and a 5% growth in EBITDA. However, the company faced a downgrade from Raymond (NS:RYMD) James due to concerns about the shareholder vote.
Investment firms Carronade Capital and Cooper Investors have opposed the merger, arguing that Verizon's offer undervalues Frontier. In addition to these developments, Frontier secured over $23 million in grants to expand high-speed fiber broadband service in various counties. Meanwhile, Verizon Communications maintained a Buy rating from TD (TSX:TD) Cowen following its third-quarter results. These are recent developments in the ongoing story of Frontier Communications and Verizon Communications.
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