Reported 25 days ago
Institutional Shareholder Services (ISS) has recommended that Frontier Communications shareholders abstain from voting on Verizon's $20 billion takeover bid and instead support the adjournment proposal. ISS argued that shareholders should consider the potential for greater value in the future and that there is no urgency to approve the transaction. Verizon's bid, which was presented at $38.50 per share, has faced resistance from some of Frontier's major shareholders, who believe it undervalues the company’s assets.
Source: YAHOO