Major Shareholder Criticizes Verizon's $20 Billion Frontier Deal

Glendon Capital Management, which has close to a 10% stake in Frontier Communications, said Wednesday it's opposed to Verizon's $20 billion takeover offer of Frontier announced last month (see 2409050010). "We recognize the strategic merits of combining with a U.S. wireless carrier as the telecommunications industry continues to converge, but we believe a sale at this price does not adequately capture Frontier’s progress and momentum," Glendon said in a letter to Verizon's board.