FiberNet Telecom (FTGX) to be Acquired by Zayo Group for $11.45/Share in Cash

May 28, 2009 4:31 PM EDT

FiberNet Telecom Group, Inc. (Nasdaq: FTGX) announced today that it has entered into a definitive Agreement and Plan of Merger with Zayo Group, LLC and Zayo Merger Sub, Inc. Each share of FiberNet Telecom Group, Inc. common stock issued and outstanding immediately prior to the effective time of the merger will be entitled to receive $11.45 in cash (subject to potential adjustment under the merger agreement)

The transaction is subject to the approval of FiberNet's stockholders at a special meeting, FCC and state regulatory approvals, and customary conditions. The transaction is not subject to any financing condition. The Board of Directors of FiberNet approved the agreement and recommended the adoption of the agreement by FiberNet's stockholders. The transaction is expected to be completed during the third quarter of 2009.

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