10:08 AM EDT, 10/21/2024 (MT Newswires) -- Frontier Communications Parent ( FYBR ) shareholders should vote against the proposed transaction with Verizon Communications' ( VZ ) on its current terms, Carronade Capital said Monday.

Carronade, which said it owns 2 million Frontier shares, said in a letter to Frontier shareholders that Verizon's current offer to acquire the company for $38.50 per share was "insufficient" compared to its intrinsic value.

"We believe that Frontier has an intrinsic value of at least $48.60 per share on a standalone basis - and that is before a fair share of the unique synergy value this transaction brings to Verizon," Carronade said.

The companies didn't immediately respond to requests for comment from MT Newswires.

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