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Alaska Communications (NASDAQ: ALSK) has entered a definitive agreement to be acquired by ATN International and Freedom 3 Capital in an all-cash transaction valued at approximately $332 million, expected to close in H2 2021. Shareholders will receive $3.40 per share, a significant premium of about 78% over the last trading price prior to the initial merger agreement. The deal follows Alaska Communications' Board concluding that ATN's offer was a superior proposal, prompting the termination of a prior agreement with Macquarie Capital. The merger awaits stockholder approval and regulatory clearance.
Alaska Communications (NASDAQ: ALSK) announced it has received a Superior Proposal for acquisition at $3.40 per share from a third party, valued at approximately $332 million including net debt. The Company's Board of Directors has deemed this offer as superior under the existing agreement with Macquarie and GCM. Macquarie and GCM have four business days starting December 24 to negotiate an amendment to negate the superior proposal status. The current agreement requires a $6.8 million termination fee if the Board accepts the new offer.
Alaska Communications (NASDAQ: ALSK) announced an acquisition proposal from a third party offering $3.25 per share, deemed a "Superior Proposal" by its Board. This proposal values the company at approximately $325 million, including debt. The Board informed Macquarie and GCM of this determination, allowing them four business days starting December 15 to negotiate a revised offer. Should the Board terminate the existing merger agreement with Macquarie and GCM, a $6.8 million termination fee would be incurred. No changes in the Board's support for the current agreement have been made, and completion of the transaction is uncertain.
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) has amended its merger agreement with Macquarie Capital and GCM Grosvenor, increasing the cash offer to $3.20 per share from $3.00, valuing the deal at approximately $320 million, including debt. This revised offer represents a 68% premium over the stock's closing price of $1.91 on November 2, 2020. The transaction is contingent on stockholder approval and regulatory approvals. The board believes this revised agreement is in the best interests of stockholders and plans a special meeting for voting.
Alaska Communications (NASDAQ: ALSK) announced the expiration of the 30-day “go-shop” period for its merger with Macquarie Capital and GCM Grosvenor. The company received two acquisition proposals during this period, with a third party offering $3.15 per share, totaling approximately $318 million. The Board has identified this as a 'Superior Proposal.' However, Alaska Communications remains under the existing merger agreement, set to negotiate with Macquarie and GCM for four business days starting December 4. A termination fee of $4.2 million applies if the merger is canceled for the new proposal.
Alaska Communications (NASDAQ: ALSK) has successfully completed significant upgrades to its subsea Northstar fiber line, increasing its capacity by over five times, adding 5.8Tbps. This enhancement, alongside previous upgrades to its AKORN fiber line, aims to support critical services such as telehealth and distance learning, especially pertinent during the ongoing pandemic. The company emphasizes its commitment to bolstering broadband access, vital for work, education, and healthcare.
Alaska Communications Systems Group (NASDAQ: ALSK) reported Q3 2020 financial results showing a 2.3% revenue increase to $60.5 million, driven by a 5.6% rise in business and wholesale revenue. Net income rose to $2.3 million from $2.0 million. Despite a decline in regulatory revenue and rising operating expenses, adjusted EBITDA increased to $16.6 million. Alaska Communications also reaffirmed its 2020 revenue guidance of $232-$237 million. A merger agreement with Macquarie Capital and GCM was announced, valuing ALSK at approximately $300 million, pending approval.
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) has announced a definitive agreement for its acquisition by an affiliate of Macquarie Capital and GCM Grosvenor, valued at approximately $300 million, including debt. Shareholders will receive $3.00 per share in cash, a premium of 57% over the last closing price prior to the agreement. This transaction aims to enhance Alaska Communications' financial position and service capacity. Approval from shareholders and regulatory bodies is required, with a special meeting planned for voting. The proposal includes a 30-day period for alternative offers.
Alaska Communications (NASDAQ: ALSK) will release its third-quarter 2020 financial results on November 4, 2020, after market close. A conference call to discuss these results will occur on November 5, 2020, at 2 p.m. ET, featuring a slide presentation and a Q&A session. U.S. and Canadian participants can access the call at 1-800-430-8332, while other participants can dial 1-323-289-6581. Additionally, the conference call will be available for replay until December 5, 2020. Alaska Communications provides advanced broadband and IT services across Alaska, operating a robust network connected to the contiguous U.S.
