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Wildcat Capital Management, overseeing buyout firm TPG co-founder David Bonderman’s wealth, has urged Consolidated Communications (NASDAQ:CNSL) to reject a buyout offer that values the company at $2.9 billion.
In a letter written to Consolidated Communications’ board on July 12, reviewed by Reuters, Wildcat (which owns a 2.6% stake in Consolidated Communications) stated that the $4-per-share all-cash offer undervalues the broadband services provider by 3.5 times.
Consolidated Communications received the offer from a consortium led by Searchlight Capital, a private equity firm that currently holds a 34% ownership interest in the company.
Consolidated Communications formed a special committee to review the offer, but no updates have been provided. Shares experienced a 16% surge on Wednesday, reaching $4.19. This exceeded the $4 offer price, suggesting that certain investors anticipate an increased bid in the near future.
Children’s Place (NASDAQ:PLCE) CEO Jane Elfers purchased 43,000 common shares, or worth more than $1 million, at an average price of $23.70 per share.
Asana (NYSE:ASAN) CEO Dustin Moskovitz purchased 160,000 common shares, worth about $3.4M.
Following the purchase, Moskovitz holds 40,232,803 common shares directly and 4,147,046 indirectly through a trust he controls.
This purchase is part of a disclosed plan in March 2023, outlining his intention to purchase up to 30M shares before the end of 2023. Since the plan’s announcement, he has purchased 1.12M shares.
Wells Fargo on Wednesday downplayed Silver Lake’s decision to sell 3.529 million Dell Technologies (NYSE:DELL) shares. The analyst noted that the sale represents only about 3.7% of Silver Lake’s total Class B shareholding and a mere 0.49% of Dell’s overall outstanding shares.
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