04:40 AM EDT, 10/15/2024 (MT Newswires) -- Verizon Communications' ( VZ ) pending $9.6 billion takeover of Frontier Communications (FYBR) is facing skepticism from Frontier shareholders, Reuters reported Monday, citing sources familiar with the matter.

Major Frontier shareholder Glendon Capital Management is planning to vote against the deal because it believes the $38.50-per-share offer is too low, while another shareholder, Cerberus Capital Management, thinks the deal dramatically undervalues Frontier, according to the report.

Verizon, Frontier, Glendon Capital and Cerberus Capital did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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