Ademi LLP is investigating Frontier (Nasdaq: FYBR) for possible breaches of fiduciary duty and other violations of law in its transaction with Verizon.
In the transaction, Frontier stockholders will receive $38.50 per share in cash. The transaction is valued at approximately $20 billion of enterprise value. The transaction agreement unreasonably limits competing transactions for Frontier by imposing a significant penalty if Frontier accepts a competing bid. Frontier insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Frontier’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.