RCN Corporation Withdraws Proposal To Buy FiberNet Telecom (FTGX) For $12.50 A Share
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- RCN Corporation Withdraws Proposal To Buy FiberNet Telecom (FTGX) For $12.50 A Share
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FiberNet Telecom Group, Inc. (Nasdaq: FTGX) announced that RCN Corporation withdrew its proposal to acquire FiberNet for $12.50 per share of FiberNet common stock. Consequently, pursuant to the Agreement and Plan of Merger, dated as of May 28, 2009, among FiberNet, Zayo Group, LLC and Zayo Merger Sub, a wholly-owned subsidiary of Zayo Group, RCN Corporation is no longer an "Excluded Party" under the terms of the Merger Agreement. FiberNet continues to proceed with its sale to Zayo Group for $11.45 per share in cash under the Merger Agreement.
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