CHARLOTTE, N.C., March 28, 2017 (GLOBE NEWSWIRE) -- FairPoint Communications, Inc. (Nasdaq:FRP) shareholders today voted to adopt the merger agreement between FairPoint and Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) during a special meeting. Approximately 96 percent of FairPoint shareholders who voted on the proposal cast their vote in favor of the merger, representing 74 percent of the Company’s outstanding stock as of the record date. Consolidated Communications also held a special meeting today where approximately 98 percent of Consolidated shareholders who voted on the proposal voted in favor of the merger, representing 71 percent of Consolidated’s outstanding shares as of the record date.
Under the terms of the agreement, FairPoint shareholders will receive a fixed exchange ratio of 0.7300 shares of Consolidated Communications common stock for each share of FairPoint common stock. After closing, Consolidated's shareholders will own approximately 71.3 percent of the pro forma combined company and FairPoint's shareholders will own 28.7 percent.
Consolidated has received Hart-Scott-Rodino Act clearance and secured the financing to fund the acquisition at favorable rates. Consolidated and FairPoint are in the process of securing the necessary state and federal regulatory approvals to complete the merger and expect the transaction to close by mid-2017.
About FairPoint Communications, Inc.
FairPoint Communications, Inc. (Nasdaq:FRP) provides advanced data, voice and video technologies to single and multi-site businesses, public and private institutions, consumers, wireless companies and wholesale re-sellers in 17 states. Leveraging an owned, fiber-based Ethernet network - with more than 22,000 route miles of fiber, including approximately 18,000 route miles of fiber in northern New England - FairPoint has the network coverage, scalable bandwidth and transport capacity to support enhanced applications, including the next generation of mobile and cloud-based communications, such as small cell wireless backhaul technology, voice over IP, data center colocation services, managed services and disaster recovery. For more information, visit www.FairPoint.com.