[PREM14A] WideOpenWest, Inc. Preliminary Merger Proxy Statement
WideOpenWest, Inc. (WOW) has entered into an Agreement and Plan of Merger dated August 11, 2025, under which Bandit Merger Sub, Inc. will merge with and into the Company and WOW will become an indirect wholly owned subsidiary of Bandit Parent, LP (affiliates of DigitalBridge and Crestview). Each outstanding share (other than excluded or dissenting shares and Rollover Shares) will convert into the right to receive $5.20 in cash per share. The Merger Consideration equals a premium of approximately 37.2% to the unaffected May 2, 2024 closing price of $3.79 and approximately 53.8% to the August 11, 2025 closing price of $3.38.
The Company Board formed an independent Special Committee that unanimously recommended the Merger; Centerview Partners provided a written fairness opinion to the Special Committee dated August 11, 2025, concluding the cash consideration was fair, from a financial point of view, to unaffiliated stockholders. Rollover Stockholders holding approximately 37% of voting power agreed to roll certain shares and to vote in favor of the Merger. Parent represents committed equity financing and the aggregate cash required to complete the Merger and related payments is approximately $290 million. Appraisal rights under Delaware law are available to eligible holders.
WideOpenWest, Inc. (WOW) ha stipulato un Accordo e Piano di Fusione datato 11 agosto 2025, in base al quale Bandit Merger Sub, Inc. si fonderà con e nella Società e WOW diventerà una controllata indiretta al 100% di Bandit Parent, LP (affiliati di DigitalBridge e Crestview). Ogni azione in circolazione (salvo azioni escluse o dissentienti e azioni roll-over) si convertirà nel diritto di ricevere $5,20 per azione in contanti. La Considerazione di Fusione corrisponde a un premio di circa 37,2% rispetto al prezzo di chiusura immutato del 2 maggio 2024 di $3,79 e a circa 53,8% rispetto al prezzo di chiusura dell’11 agosto 2025 di $3,38.
Il Consiglio della Società ha costituito un Apposito Committee indipendente che ha raccomandato all’unanimità la Fusione; Centerview Partners ha fornito una opinione di fairness scritta al Comitato Speciale datata 11 agosto 2025, che concludeva che la contropartita in contanti è equa, dal punto di vista finanziario, per gli azionisti non affiliati. Gli azionisti rollover che detengono circa 37% della potenza di voto hanno accettato di rotolare alcune azioni e di votare a favore della Fusione. La Capogruppo rappresenta finanziamenti azionari impegnati e l’ammontare complessivo di contanti richiesti per completare la Fusione e i pagamenti correlati è di circa $290 milioni. Diritti di valutazione ai sensi della legge del Delaware sono disponibili per i detentori idonei.
WideOpenWest, Inc. (WOW) ha suscrito un Acuerdo y Plan de Fusión con fecha 11 de agosto de 2025, mediante el cual Bandit Merger Sub, Inc. se fusionará con la Compañía y WOW se convertirá en una subsidiaria indirecta de propiedad total de Bandit Parent, LP (afiliados de DigitalBridge y Crestview). Cada acción en circulación (excepto las acciones excluidas o dissentientes y las Acciones de Rollover) se convertirá en el derecho a recibir $5,20 en efectivo por acción. La Compensación de la Fusión equivale a una prima de aproximadamente 37,2% respecto al precio de cierre no afectado del 2 de mayo de 2024 de $3,79 y aproximadamente 53,8% respecto al cierre del 11 de agosto de 2025 de $3,38.
La Junta de la Compañía formó un Comité Especial independiente que recomendó unánimemente la Fusión; Centerview Partners proporcionó una opinión de equidad por escrito al Comité Especial fechada 11 de agosto de 2025, concluyendo que la contraprestación en efectivo era justa, desde el punto de vista financiero, para los accionistas no afiliados. Los Accionistas con rollover que poseen aproximadamente 37% del poder de voto acordaron hacer rollover de ciertas acciones y votar a favor de la Fusión. La Matriz de la Casa Madre representa financiamiento de capital comprometido y el monto total en efectivo necesario para completar la Fusión y los pagos relacionados es de aproximadamente $290 millones. Los derechos de tasación conforme a la ley de Delaware están disponibles para los detentores elegibles.
WideOpenWest, Inc. (WOW)는 2025년 8월 11일자 합병계약 및 계획에 따라 Bandit Merger Sub, Inc.가 회사를 합병하고 WOW는 Bandit Parent, LP의 간접적으로 100% 소유 자회사가 되며(DigitalBridge 및 Crestview의 계열사) 각 발행 주식(배제되거나 이의 제기 주식 및 롤오버 주식을 제외한 주식)은 주당 현금 $5.20를 받을 권리로 전환된다. 합병 대가는 2024년 5월 2일 종가 $3.79에 대해 약 37.2%의 프리미엄, 그리고 2025년 8월 11일 종가 $3.38에 대해 약 53.8%의 프리미엄에 해당한다.
회사 이사회는 독립적인 Special Committee를 구성했고 만장일치로 합병을 권고했다; Centerview Partners는 2025년 8월 11일자 특수위원회에 서면 공정성 의견을 제공했고, 현금 보상이 비계열 주주들에게 재정적으로 공정하다고 결론지었다. 롤오버 주주는 약 37%의 의결권을 보유하고 있으며 특정 주식을 롤오버하고 합병에 찬성하기로 합의했다. 모회사는 약정된 자본 조달을 제시했고 합병 및 관련 지급을 완료하는 데 필요한 총 현금은 약 $290백만이다. 델라웨어 법에 따른 평가권은 적격 보유자에게 제공된다.
WideOpenWest, Inc. (WOW) a conclu un accord de fusion et un plan daté du 11 août 2025, selon lequel Bandit Merger Sub, Inc. fusionnera avec la Société et WOW deviendra une filiale indirecte détenue à 100 % par Bandit Parent, LP (affiliés de DigitalBridge et Crestview). Chaque action en circulation (à l’exception des actions exclues ou dissidentes et des actions de rollover) se convertira en le droit de recevoir 5,20 $ en espèces par action. La contrepartie de fusion équivaut à une prime d’environ 37,2% par rapport au cours de clôture non affecté du 2 mai 2024 de 3,79 $, et d’environ 53,8% par rapport au cours de clôture du 11 août 2025 de 3,38 $.
Le Conseil de la Société a constitué un Comité Spécial indépendant qui a recommandé à l’unanimité la Fusion; Centerview Partners a fourni une opinion écrite d’équité au Comité Spécial datée du 11 août 2025, concluant que la contrepartie en espèces était équitable, sur le plan financier, pour les actionnaires non affiliés. Les Actionnaires en rollover détenant environ 37% du pouvoir de vote ont accepté de rouler certaines actions et de voter en faveur de la Fusion. La société mère affirme disposer d’un financement par capitaux propres engagé et le montant total en espèces nécessaire pour achever la Fusion et les paiements associés est d’environ $290 millions. Des droits d’évaluation en vertu du droit du Delaware sont disponibles pour les détenteurs éligibles.
WideOpenWest, Inc. (WOW) hat eine Vereinbarung und einen Plan zur Fusion unter dem Datum vom 11. August 2025 unterzeichnet, wonach Bandit Merger Sub, Inc. mit dem Unternehmen verschmolzen wird und WOW eine indirekte hundertprozentige Tochtergesellschaft von Bandit Parent, LP wird (Affiliates von DigitalBridge und Crestview). Jede ausstehende Aktie (mit Ausnahme ausgeschlossener oder dissentierender Aktien und Roll-Over-Aktien) wandelt sich in das Recht um, 5,20 USD pro Aktie in bar zu erhalten. Die Fusionsgegenleistung entspricht einer Prämie von ca. 37,2% gegenüber dem unveränderten Schlusskurs vom 2. Mai 2024 von 3,79 USD und ca. 53,8% gegenüber dem Schlusskurs vom 11. August 2025 von 3,38 USD.
Der Vorstand des Unternehmens hat einen unabhängigen Special Committee gebildet, das die Fusion einstimmig empfohlen hat; Centerview Partners hat dem Special Committee eine schriftliche Fairness-Meinung zum 11. August 2025 vorgelegt, die bestätigte, dass die bar Gegenleistung aus finanzieller Sicht fair für nicht verbundene Aktionäre sei. Roll-over-Aktionäre, die ca. 37% der Stimmrechte halten, haben vereinbart, bestimmte Aktien zu rollen und der Fusion zuzustimmen. Die Muttergesellschaft sichert eine zugesagte Eigenkapitalfinanzierung zu, und der Gesamtbetrag an Bargeld, der benötigt wird, um die Fusion und damit verbundene Zahlungen abzuschließen, beläuft sich auf ca. 290 Mio. USD. Bewertungsrechte nach delawarischem Recht stehen berechtigten Inhabern zur Verfügung.
WideOpenWest, Inc. (WOW) قد دخلت في اتفاق وخطة اندماج بتاريخ 11 أغسطس 2025، وفقًا لهذه الخطة سَتندمج Bandit Merger Sub, Inc. مع الشركة وستصبح WOW شركة تابعة مملوكة بشكل غير مباشر لـ Bandit Parent, LP (فروع DigitalBridge و Crestview). كل سهم قائم (باستثناء الأسهم المستبعدة أو المعارضة وأسهم الانتقال/rollover) سيتحوّل إلى الحق في استلام $5.20 نقداً للسهم. مقابل الدمج يعادل مع علاوة تبلغ نحو 37.2% مقارنة بسعر الإغلاق غير المتأثر في 2 مايو 2024 والذي يبلغ 3.79 دولاراً وبنحو 53.8% مقارنة بإغلاق 11 أغسطس 2025 والذي بلغ 3.38 دولاراً.
قامت Boards Company بتشكيل لجنة خاصة مستقلة أوصت بالإجماع بالدمج؛ قدمت Centerview Partners رأياً كتابياً بالنزاهة للجنة الخاصة بتاريخ 11 أغسطس 2025، وخلصت إلى أن المقابل النقدي عادل من الناحية المالية للمساهمين غير المرتبطين. وافق مساهمو rollover الذين يمتلكون نحو 37% من سلطتهم التصويتية على تدوير أسهم محددة والتصويت لصالح الدمج. أشارت الشركة الأم إلى وجود تمويل أسهم ملتزم وأن الإجمالي النقدي اللازم لإتمام الدمج والدفعات المرتبطة يقدر بنحو $290 مليون. حقوق التقييم وفق قانون ديلاوير متاحة لحامليها المؤهلين.
WideOpenWest, Inc. (WOW) 已签署一份日期为 2025 年 8 月 11 日的合并协议及计划, according to which Bandit Merger Sub, Inc. 将与公司合并,WOW 将成为 Bandit Parent, LP 的间接全资子公司(DigitalBridge 与 Crestview 的关联方)。每股在外流通股(不包括被排除或有异议的股东及滚存股)将转为有权获得 $5.20 每股现金 的权利。合并对价相对于未受影响的 2024 年 5 月 2 日收盘价 3.79 美元约为 37.2% 的溢价,且相对于 2025 年 8 月 11 日的收盘价 3.38 美元约为 53.8% 的溢价。
公司董事会成立了一个独立的特别委员会,并一致推荐合并;Centerview Partners 在 2025 年 8 月 11 日向特别委员会出具了书面公允意见,结论认为现金对价对不相关股东在财务上是公平的。滚存股东持有约 37% 的投票权,已同意滚存部分股票并投票支持合并。母公司表示具备承诺的股权融资,总共完成合并及相关付款所需的现金额约为 $290 百万美元。根据特拉华州法的评估权对符合条件的持有人可用。
- $5.20 per share cash consideration represents a meaningful premium of approximately 53.8% to the August 11, 2025 closing price and 37.2% to the May 2, 2024 unaffected price.
- Independent Special Committee unanimously recommended the Merger after engaging independent financial and legal advisors.
- Centerview Partners provided a written fairness opinion to the Special Committee that the Merger Consideration was fair, from a financial point of view, to unaffiliated stockholders.
- Committed equity financing and Parent/limited guarantees support availability of required cash; total cash required is approximately $290 million.
- Rollover Stockholders with ~37% voting power have entered into a Voting, Support and Rollover Agreement committing to vote in favor of the Merger.
- Going-private transaction: if completed, the Company will cease public trading and public stockholders will no longer hold public equity in WOW.
- Insider rollovers and director interests: certain directors and executive officers have economic and governance interests (including rollover equity and acceleration arrangements) that differ from unaffiliated stockholders.
- Regulatory and closing conditions: the Merger requires FCC approvals and other regulatory consents; failure to obtain them could delay or prevent closing.
- Appraisal rights exist: eligible holders who properly comply with Section 262 of the Delaware General Corporation Law may seek judicial determination of fair value instead of accepting $5.20 per share.
Insights
TL;DR: A private-equity led going-private transaction at $5.20/share with a fairness opinion and substantial insider rollover support makes this a materially impactful sale.
The Merger is structured as a cash-out going-private transaction with $5.20 per share payable to public holders, representing a double-digit premium to pre-offer and signing prices. The Special Committee, supported by Centerview Partners' fairness opinion, and unanimous board approval reduce fiduciary-process risk. The Rollover Agreement (approximate 37% voting support) and Parent/Crestview guarantees and committed equity financing materially increase the transaction's likelihood of closing, subject to regulatory consents (including FCC) and customary closing conditions. Key deal protections include no-shop and termination-fee mechanics and appraisal rights for qualifying holders under Delaware law. Overall impact: material and transformative for public shareholders and company status.
TL;DR: Independent Special Committee process, unanimous board recommendation and a third-party fairness opinion strengthen governance disclosure for the going-private deal.
The Company established an independent Special Committee that negotiated the Merger Agreement and unanimously recommended the transaction to unaffiliated stockholders. Centerview rendered a written fairness opinion to the Special Committee. The proxy discloses director and executive interests, rollover arrangements for certain directors and stockholders, and related governance provisions such as voting commitments and restrictions on transfer of Rollover Shares. These disclosures align with expected governance practices in sponsor-led take-private transactions and are material to shareholder decision-making.
WideOpenWest, Inc. (WOW) ha stipulato un Accordo e Piano di Fusione datato 11 agosto 2025, in base al quale Bandit Merger Sub, Inc. si fonderà con e nella Società e WOW diventerà una controllata indiretta al 100% di Bandit Parent, LP (affiliati di DigitalBridge e Crestview). Ogni azione in circolazione (salvo azioni escluse o dissentienti e azioni roll-over) si convertirà nel diritto di ricevere $5,20 per azione in contanti. La Considerazione di Fusione corrisponde a un premio di circa 37,2% rispetto al prezzo di chiusura immutato del 2 maggio 2024 di $3,79 e a circa 53,8% rispetto al prezzo di chiusura dell’11 agosto 2025 di $3,38.
Il Consiglio della Società ha costituito un Apposito Committee indipendente che ha raccomandato all’unanimità la Fusione; Centerview Partners ha fornito una opinione di fairness scritta al Comitato Speciale datata 11 agosto 2025, che concludeva che la contropartita in contanti è equa, dal punto di vista finanziario, per gli azionisti non affiliati. Gli azionisti rollover che detengono circa 37% della potenza di voto hanno accettato di rotolare alcune azioni e di votare a favore della Fusione. La Capogruppo rappresenta finanziamenti azionari impegnati e l’ammontare complessivo di contanti richiesti per completare la Fusione e i pagamenti correlati è di circa $290 milioni. Diritti di valutazione ai sensi della legge del Delaware sono disponibili per i detentori idonei.
WideOpenWest, Inc. (WOW) ha suscrito un Acuerdo y Plan de Fusión con fecha 11 de agosto de 2025, mediante el cual Bandit Merger Sub, Inc. se fusionará con la Compañía y WOW se convertirá en una subsidiaria indirecta de propiedad total de Bandit Parent, LP (afiliados de DigitalBridge y Crestview). Cada acción en circulación (excepto las acciones excluidas o dissentientes y las Acciones de Rollover) se convertirá en el derecho a recibir $5,20 en efectivo por acción. La Compensación de la Fusión equivale a una prima de aproximadamente 37,2% respecto al precio de cierre no afectado del 2 de mayo de 2024 de $3,79 y aproximadamente 53,8% respecto al cierre del 11 de agosto de 2025 de $3,38.
La Junta de la Compañía formó un Comité Especial independiente que recomendó unánimemente la Fusión; Centerview Partners proporcionó una opinión de equidad por escrito al Comité Especial fechada 11 de agosto de 2025, concluyendo que la contraprestación en efectivo era justa, desde el punto de vista financiero, para los accionistas no afiliados. Los Accionistas con rollover que poseen aproximadamente 37% del poder de voto acordaron hacer rollover de ciertas acciones y votar a favor de la Fusión. La Matriz de la Casa Madre representa financiamiento de capital comprometido y el monto total en efectivo necesario para completar la Fusión y los pagos relacionados es de aproximadamente $290 millones. Los derechos de tasación conforme a la ley de Delaware están disponibles para los detentores elegibles.
WideOpenWest, Inc. (WOW)는 2025년 8월 11일자 합병계약 및 계획에 따라 Bandit Merger Sub, Inc.가 회사를 합병하고 WOW는 Bandit Parent, LP의 간접적으로 100% 소유 자회사가 되며(DigitalBridge 및 Crestview의 계열사) 각 발행 주식(배제되거나 이의 제기 주식 및 롤오버 주식을 제외한 주식)은 주당 현금 $5.20를 받을 권리로 전환된다. 합병 대가는 2024년 5월 2일 종가 $3.79에 대해 약 37.2%의 프리미엄, 그리고 2025년 8월 11일 종가 $3.38에 대해 약 53.8%의 프리미엄에 해당한다.
회사 이사회는 독립적인 Special Committee를 구성했고 만장일치로 합병을 권고했다; Centerview Partners는 2025년 8월 11일자 특수위원회에 서면 공정성 의견을 제공했고, 현금 보상이 비계열 주주들에게 재정적으로 공정하다고 결론지었다. 롤오버 주주는 약 37%의 의결권을 보유하고 있으며 특정 주식을 롤오버하고 합병에 찬성하기로 합의했다. 모회사는 약정된 자본 조달을 제시했고 합병 및 관련 지급을 완료하는 데 필요한 총 현금은 약 $290백만이다. 델라웨어 법에 따른 평가권은 적격 보유자에게 제공된다.
WideOpenWest, Inc. (WOW) a conclu un accord de fusion et un plan daté du 11 août 2025, selon lequel Bandit Merger Sub, Inc. fusionnera avec la Société et WOW deviendra une filiale indirecte détenue à 100 % par Bandit Parent, LP (affiliés de DigitalBridge et Crestview). Chaque action en circulation (à l’exception des actions exclues ou dissidentes et des actions de rollover) se convertira en le droit de recevoir 5,20 $ en espèces par action. La contrepartie de fusion équivaut à une prime d’environ 37,2% par rapport au cours de clôture non affecté du 2 mai 2024 de 3,79 $, et d’environ 53,8% par rapport au cours de clôture du 11 août 2025 de 3,38 $.
Le Conseil de la Société a constitué un Comité Spécial indépendant qui a recommandé à l’unanimité la Fusion; Centerview Partners a fourni une opinion écrite d’équité au Comité Spécial datée du 11 août 2025, concluant que la contrepartie en espèces était équitable, sur le plan financier, pour les actionnaires non affiliés. Les Actionnaires en rollover détenant environ 37% du pouvoir de vote ont accepté de rouler certaines actions et de voter en faveur de la Fusion. La société mère affirme disposer d’un financement par capitaux propres engagé et le montant total en espèces nécessaire pour achever la Fusion et les paiements associés est d’environ $290 millions. Des droits d’évaluation en vertu du droit du Delaware sont disponibles pour les détenteurs éligibles.
WideOpenWest, Inc. (WOW) hat eine Vereinbarung und einen Plan zur Fusion unter dem Datum vom 11. August 2025 unterzeichnet, wonach Bandit Merger Sub, Inc. mit dem Unternehmen verschmolzen wird und WOW eine indirekte hundertprozentige Tochtergesellschaft von Bandit Parent, LP wird (Affiliates von DigitalBridge und Crestview). Jede ausstehende Aktie (mit Ausnahme ausgeschlossener oder dissentierender Aktien und Roll-Over-Aktien) wandelt sich in das Recht um, 5,20 USD pro Aktie in bar zu erhalten. Die Fusionsgegenleistung entspricht einer Prämie von ca. 37,2% gegenüber dem unveränderten Schlusskurs vom 2. Mai 2024 von 3,79 USD und ca. 53,8% gegenüber dem Schlusskurs vom 11. August 2025 von 3,38 USD.
Der Vorstand des Unternehmens hat einen unabhängigen Special Committee gebildet, das die Fusion einstimmig empfohlen hat; Centerview Partners hat dem Special Committee eine schriftliche Fairness-Meinung zum 11. August 2025 vorgelegt, die bestätigte, dass die bar Gegenleistung aus finanzieller Sicht fair für nicht verbundene Aktionäre sei. Roll-over-Aktionäre, die ca. 37% der Stimmrechte halten, haben vereinbart, bestimmte Aktien zu rollen und der Fusion zuzustimmen. Die Muttergesellschaft sichert eine zugesagte Eigenkapitalfinanzierung zu, und der Gesamtbetrag an Bargeld, der benötigt wird, um die Fusion und damit verbundene Zahlungen abzuschließen, beläuft sich auf ca. 290 Mio. USD. Bewertungsrechte nach delawarischem Recht stehen berechtigten Inhabern zur Verfügung.
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
![[MISSING IMAGE: lg_wow-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_wow-4c.jpg)
7887 East Belleview Avenue, Suite 1000
Englewood, CO 80111
![[MISSING IMAGE: lg_innisfree-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_innisfree-4c.jpg)
501 Madison Avenue, 20th floor
New York, New York 10022
Shareholders may call toll free: (877) 750-0831
Banks and Brokers may call collect: (212) 750-5833
Chief Executive Officer
[ ]
![[MISSING IMAGE: lg_wow-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_wow-4c.jpg)
7887 East Belleview Avenue, Suite 1000
Englewood, CO 80111
TO BE HELD ON [ ]
Chief Executive Officer
[ ]
![[MISSING IMAGE: lg_wow-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_wow-4c.jpg)
FOR
SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD ON [ ]
is first being sent to stockholders on or about [ ].
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CERTAIN DEFINED TERMS
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SUMMARY TERM SHEET
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Introduction
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The Parties to the Merger
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The Special Meeting
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Votes Required
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Reasons for the Merger; Recommendations of the Special Committee and the Company Board
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Opinion of Centerview Partners LLC
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Position of the Parent Entities as to the Fairness of the Merger
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Position of the Rollover Filing Parties as to the Fairness of the Merger
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Certain Effects of the Merger
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Treatment of Shares of Company Common Stock and Company LTI Awards
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Certain Effects on the Company if the Merger Is Not Completed
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Interests of the Company’s Directors and Executive Officers in the Merger
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The Rollover Agreement
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The Joint Bidding Agreement
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Material U.S. Federal Income Tax Consequences of the Merger
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Restrictions on Solicitation of Other Acquisition Offers
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Change in the Company Board’s Recommendation
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Parent Limited Guarantee
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Crestview Limited Guarantee
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|
Financing of the Merger
|
| | | | 11 | | |
|
Conditions to the Closing of the Merger
|
| | | | 12 | | |
|
Termination Fees and Remedies
|
| | | | 13 | | |
|
Appraisal Rights
|
| | | | 14 | | |
|
Litigation Relating to the Merger
|
| | | | 16 | | |
|
QUESTIONS AND ANSWERS
|
| | | | 17 | | |
|
SPECIAL FACTORS
|
| | | | 25 | | |
|
Background of the Merger
|
| | | | 25 | | |
|
Reasons for the Merger; Recommendations of the Special Committee and the Company Board
|
| | | | 47 | | |
|
Opinion of Centerview Partners LLC
|
| | | | 55 | | |
|
Position of the Parent Entities as to the Fairness of the Merger
|
| | | | 63 | | |
|
Position of the Rollover Filing Parties as to the Fairness of the Merger
|
| | | | 67 | | |
|
Plans for the Company after the Merger
|
| | | | 68 | | |
|
Purposes and Reasons of the Parent Entities
|
| | | | 69 | | |
|
Purposes and Reasons of the Rollover Filing Parties
|
| | | | 69 | | |
|
Certain Effects of the Merger
|
| | | | 70 | | |
|
Certain Effects on the Company if the Merger Is Not Completed
|
| | | | 73 | | |
|
Unaudited Prospective Financial Information
|
| | | | 74 | | |
|
Interests of the Company’s Directors and Executive Officers in the Merger
|
| | | | 81 | | |
|
Intent of Certain Stockholders to Vote in Favor of the Merger
|
| | | | 87 | | |
|
Closing and Effective Time of the Merger
|
| | | | 88 | | |
|
Accounting Treatment
|
| | | | 88 | | |
|
Material U.S. Federal Income Tax Consequences of the Merger
|
| | | | 88 | | |
|
Regulatory Approvals Required for the Merger
|
| | | | 91 | | |
|
Parent Limited Guarantee
|
| | | | 91 | | |
|
Crestview Limited Guarantee
|
| | | | 92 | | |
|
Financing of the Merger
|
| | | | 92 | | |
|
Delisting and Deregistration of Company Common Stock
|
| | | | 93 | | |
|
Fees and Expenses
|
| | | | 93 | | |
|
Litigation Relating to the Merger
|
| | | | 94 | | |
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
| | | | 95 | | |
|
THE PARTIES TO THE MERGER
|
| | | | 97 | | |
|
The Company
|
| | | | 97 | | |
|
Parent Entities
|
| | | | 97 | | |
|
THE SPECIAL MEETING
|
| | | | 98 | | |
|
Date, Time and Place
|
| | | | 98 | | |
|
Purpose of the Special Meeting
|
| | | | 98 | | |
|
Attending the Special Meeting
|
| | | | 98 | | |
|
Record Date; Shares Entitled to Vote; Quorum
|
| | | | 98 | | |
|
Votes Required
|
| | | | 99 | | |
|
Abstentions
|
| | | | 99 | | |
|
Broker Non-Votes
|
| | | | 99 | | |
|
Shares Held by the Company’s Directors and Executive Officers
|
| | | | 99 | | |
|
Voting of Proxies
|
| | | | 99 | | |
|
Revocability of Proxies
|
| | | | 100 | | |
|
Adjournment
|
| | | | 100 | | |
|
Solicitation of Proxies
|
| | | | 101 | | |
|
Anticipated Date of Completion of the Merger
|
| | | | 101 | | |
|
Appraisal Rights
|
| | | | 101 | | |
|
Other Matters
|
| | | | 102 | | |
|
Important Notice Regarding the Availability of Proxy Materials for the Special Meeting
|
| | | | 102 | | |
|
Questions and Additional Information
|
| | | | 103 | | |
|
THE MERGER AGREEMENT
|
| | | | 104 | | |
|
Explanatory Note Regarding the Merger Agreement
|
| | | | 104 | | |
|
Effect of the Merger
|
| | | | 104 | | |
|
Closing and Effective Time
|
| | | | 104 | | |
|
Certificate of Incorporation; Bylaws; Directors and Officers
|
| | | | 105 | | |
|
Merger Consideration
|
| | | | 105 | | |
|
Exchange and Payment Procedures
|
| | | | 107 | | |
|
Representations and Warranties
|
| | | | 108 | | |
|
Conduct of Business Pending the Merger
|
| | | | 111 | | |
|
Solicitation of Other Offers
|
| | | | 114 | | |
|
Recommendation Changes
|
| | | | 116 | | |
|
Other Covenants
|
| | | | 118 | | |
|
Employee Matters
|
| | | | 120 | | |
|
Conditions to the Closing of the Merger
|
| | | | 121 | | |
|
Termination of the Merger Agreement
|
| | | | 122 | | |
|
Company Termination Fee
|
| | | | 124 | | |
|
Parent Termination Fee
|
| | | | 124 | | |
|
Fees and Expenses
|
| | | | 125 | | |
|
Indemnification and Insurance
|
| | | | 125 | | |
|
Remedies; Specific Performance
|
| | | | 126 | | |
|
Liability Limitation
|
| | | | 126 | | |
|
Amendment; Waiver
|
| | | | 126 | | |
|
Governing Law
|
| | | | 127 | | |
|
THE ROLLOVER AGREEMENT
|
| | | | 128 | | |
|
Rollover Agreement
|
| | | | 128 | | |
|
PROVISIONS FOR THE COMPANY’S UNAFFILIATED STOCKHOLDERS
|
| | | | 129 | | |
|
IMPORTANT INFORMATION REGARDING THE COMPANY
|
| | | | 130 | | |
|
Company Background
|
| | | | 130 | | |
|
Directors and Executive Officers
|
| | | | 130 | | |
|
Selected Historical Consolidated Financial Data
|
| | | | 133 | | |
|
Security Ownership of Certain Beneficial Owners and Management
|
| | | | 134 | | |
|
Prior Public Offerings
|
| | | | 136 | | |
|
Transactions in Company Common Stock
|
| | | | 136 | | |
|
Past Contracts, Transactions, Negotiations and Agreements
|
| | | | 136 | | |
|
Book Value Per Share
|
| | | | 136 | | |
|
Market Price of Company Common Stock
|
| | | | 137 | | |
|
Dividends
|
| | | | 137 | | |
|
IMPORTANT INFORMATION REGARDING THE PURCHASER FILING PARTIES
|
| | | | 138 | | |
|
Parent Entities
|
| | | | 138 | | |
|
APPRAISAL RIGHTS
|
| | | | 141 | | |
|
Written Demand
|
| | | | 143 | | |
|
Record Holders
|
| | | | 143 | | |
|
Beneficial Owners
|
| | | | 144 | | |
|
Notice by the Surviving Corporation
|
| | | | 144 | | |
|
Filing a Petition for Appraisal
|
| | | | 144 | | |
|
Determination of Fair Value
|
| | | | 145 | | |
|
PROPOSAL 1: THE MERGER PROPOSAL
|
| | | | 148 | | |
|
PROPOSAL 2: THE COMPENSATION PROPOSAL
|
| | | | 149 | | |
|
PROPOSAL 3: THE ADJOURNMENT PROPOSAL
|
| | | | 150 | | |
|
STOCKHOLDER PROPOSALS AND NOMINATIONS
|
| | | | 151 | | |
|
WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
| | | | 152 | | |
|
MISCELLANEOUS
|
| | | | 154 | | |
![[MISSING IMAGE: lg_innisfree-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_innisfree-4c.jpg)
501 Madison Avenue, 20th floor
New York, New York 10022
Shareholders may call toll free: (877) 750-0831
Banks and Brokers may call collect: (212) 750-5833
COMPANY
|
| |
EV/NTM EBITDA
Trading Multiple |
| |||
Cable One, Inc.
|
| | | | 4.3x | | |
Charter Communications, Inc.
|
| | | | 5.9x | | |
COMPANY
|
| |
EV/NTM EBITDA
Trading Multiple |
| |||
Comcast Corporation
|
| | | | 5.5x | | |
Lumen Technologies, Inc.(1)
|
| | | | 5.4x | | |
Shenandoah Telecommunications Company (d/b/a Shentel)
|
| | | | 9.1x | | |
Date Announced
|
| |
Target
|
| |
Acquirer
|
| |
EV/LTM
EBITDA Multiple |
|
May 16, 2025 | | | Cox Communications, Inc. | | | Charter Communications, Inc. | | |
6.4x
|
|
September 5, 2024 | | |
Frontier Communications
Parent, Inc. |
| | Verizon Communications Inc. | | |
9.2x
|
|
October 16, 2023 | | |
Consolidated Communication
Holdings, Inc. |
| | Searchlight Capital Partners, L.P. | | |
9.6x
|
|
August 4, 2021 | | | Lumen Technologies, Inc. | | | Apollo Global Management, Inc. | | |
5.5x
|
|
March 13, 2020 | | | Cincinnati Bell, Inc. | | |
Macquarie Infrastructure
Partners V |
| |
7.2x
|
|
May 29, 2019 | | |
Frontier Communications
Parent, Inc. |
| | Searchlight Capital Partners, L.P. | | |
5.0x
|
|
July 10, 2017 | | | Hawaiian Telecom Holdco, Inc. | | | Cincinnati Bell, Inc. | | |
5.9x
|
|
February 5, 2015 | | | Verizon Communications Inc.(1) | | |
Frontier Communications
Corporation |
| |
6.2x
|
|
| | |
The Company Prior to the Merger(1)
|
| |
The Company After the Merger(1)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
% Total
Voting Power |
| |
% Beneficial
Ownership |
| |
Beneficial
Ownership of Net Book Value as of June 30, 2025(2) ($ in millions) |
| |
Beneficial
Ownership of Net Earnings for the six-month period ended June 30, 2025(3) ($ in millions) |
| |
% Total Voting
Power |
| |
% Beneficial
Ownership |
| |
Beneficial
Ownership of Net Book Value as of June 30, 2025(2) ($ in millions) |
| |
Beneficial
Ownership of Net Earnings for the six-month period ended June 30, 2025(3) ($ in millions) |
| ||||||||||||||||||||||||
Parent Holdings
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50% | | | | | | 63% | | | | | | 114.0 | | | | | $ | (20.0) | | |
Rollover Filing Parties
|
| | | | 37% | | | | | | 37% | | | | | | 66.9 | | | | | $ | (11.7) | | | | | | 50%(4) | | | | | | 37% | | | | | | 66.9 | | | | | $ | (11.7) | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 647.1 | | | | | $ | 642.8 | | | | | $ | 602.8 | | | | | $ | 614.5 | | | | | $ | 643.9 | | | | | $ | 677.1 | | | | | $ | 712.3 | | |
Adjusted EBITDA(1)
|
| | | | 259.8 | | | | | | 289.1 | | | | | | 306.5 | | | | | | 340.9 | | | | | | 374.4 | | | | | | 394.0 | | | | | | 414.8 | | |
Gross Capital Expenditures(2)
|
| | | | 217.3 | | | | | | 248.8 | | | | | | 255.5 | | | | | | 240.4 | | | | | | 240.2 | | | | | | 223.6 | | | | | | 164.1 | | |
Adjusted EBITDA less Gross Capital Expenditures
|
| | | | 42.6 | | | | | | 40.3 | | | | | | 51.0 | | | | | | 100.5 | | | | | | 134.1 | | | | | | 170.4 | | | | | | 250.7 | | |
Unlevered Free Cash Flow(3)
|
| | | | (41.3) | | | | | | (32.1) | | | | | | (6.7) | | | | | | 32.1 | | | | | | 69.2 | | | | | | 101.4 | | | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 630.1 | | | | | $ | 585.4 | | | | | $ | 574.7 | | | | | $ | 595.0 | | | | | $ | 634.2 | | | | | $ | 676.3 | | | | | $ | 728.2 | | |
Adjusted EBITDA(1)
|
| | | | 285.3 | | | | | | 290.4 | | | | | | 308.8 | | | | | | 330.0 | | | | | | 365.7 | | | | | | 390.2 | | | | | | 420.5 | | |
Gross Capital Expenditures(2)
|
| | | | 203.1 | | | | | | 230.4 | | | | | | 264.5 | | | | | | 269.4 | | | | | | 262.6 | | | | | | 260.9 | | | | | | 290.6 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Adjusted EBITDA less Gross Capital Expenditures
|
| | | | 82.3 | | | | | | 60.0 | | | | | | 44.4 | | | | | | 60.6 | | | | | | 103.1 | | | | | | 129.3 | | | | | | 129.9 | | |
Unlevered Free Cash Flow(3)
|
| | | | (31.8) | | | | | | (37.2) | | | | | | (20.0) | | | | | | (5.2) | | | | | | 39.2 | | | | | | 61.1 | | | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 630.1 | | | | | $ | 585.4 | | | | | $ | 573.2 | | | | | $ | 592.2 | | | | | $ | 630.5 | | | | | $ | 671.6 | | | | | $ | 722.6 | | |
Adjusted EBITDA(1)
|
| | | | 290.4 | | | | | | 278.0 | | | | | | 304.3 | | | | | | 329.0 | | | | | | 360.8 | | | | | | 387.4 | | | | | | 417.2 | | |
Gross Capital Expenditures(2)
|
| | | | 203.1 | | | | | | 217.9 | | | | | | 276.7 | | | | | | 270.6 | | | | | | 261.7 | | | | | | 259.8 | | | | | | 289.6 | | |
Adjusted EBITDA less Gross Capital Expenditures
|
| | | | 87.3 | | | | | | 60.1 | | | | | | 27.6 | | | | | | 58.4 | | | | | | 99.1 | | | | | | 127.6 | | | | | | 127.6 | | |
Unlevered Free Cash Flow(3)
|
| | | | — | | | | | | (34.0) | | | | | | (35.7) | | | | | | (7.1) | | | | | | 36.5 | | | | | | 60.1 | | | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 630.1 | | | | | $ | 585.4 | | | | | $ | 579.4 | | | | | $ | 614.8 | | | | | $ | 685.8 | | | | | $ | 776.5 | | | | | $ | 891.9 | | |
Adjusted EBITDA(1)
|
| | | | 285.3 | | | | | | 290.4 | | | | | | 309.8 | | | | | | 339.2 | | | | | | 396.2 | | | | | | 449.3 | | | | | | 517.0 | | |
Gross Capital Expenditures(2)
|
| | | | 203.1 | | | | | | 285.4 | | | | | | 339.4 | | | | | | 366.9 | | | | | | 300.7 | | | | | | 322.4 | | | | | | 349.2 | | |
Adjusted EBITDA less Gross Capital Expenditures
|
| | | | 82.3 | | | | | | 5.0 | | | | | | (29.7) | | | | | | (27.7) | | | | | | 95.5 | | | | | | 126.9 | | | | | | 167.9 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 630.1 | | | | | $ | 585.4 | | | | | $ | 579.4 | | | | | $ | 614.8 | | | | | $ | 685.8 | | | | | $ | 776.5 | | | | | $ | 891.9 | | |
Adjusted EBITDA(1)
|
| | | | 290.4 | | | | | | 278.0 | | | | | | 306.1 | | | | | | 340.3 | | | | | | 394.2 | | | | | | 447.1 | | | | | | 514.5 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||
($ in millions)
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |||||||||||||||||||||
Gross Capital Expenditures(2)
|
| | | | 203.1 | | | | | | 285.4 | | | | | | 339.4 | | | | | | 366.9 | | | | | | 300.7 | | | | | | 322.4 | | | | | | 349.2 | | |
Adjusted EBITDA less Gross Capital Expenditures
|
| | | | 87.3 | | | | | | (7.4) | | | | | | (33.3) | | | | | | (26.6) | | | | | | 93.6 | | | | | | 124.7 | | | | | | 165.4 | | |
Name
|
| |
Cash(1)
|
| |
Equity(2)
|
| |
Perquisites /
benefits(3) |
| |
Other(4)
|
| |
Total
|
| |||||||||||||||
Teresa Elder
|
| | | $ | 6,259,594 | | | | | $ | 3,830,408 | | | | | $ | 45,432 | | | | | $ | 7,907,313 | | | | | $ | 18,042,747 | | |
John Rego
|
| | | $ | 2,209,220 | | | | | $ | 1,692,734 | | | | | $ | 51,909 | | | | | $ | 3,507,071 | | | | | $ | 7,460,934 | | |
Don Schena
|
| | | $ | 1,788,939 | | | | | $ | 932,165 | | | | | $ | 37,786 | | | | | $ | 1,896,626 | | | | | $ | 4,655,516 | | |
Henry Hryckiewicz
|
| | | $ | 1,826,748 | | | | | $ | 943,524 | | | | | $ | 37,786 | | | | | $ | 1,978,889 | | | | | $ | 4,786,947 | | |
Name
|
| |
Cash Severance
|
| |
Prorated 2025
Cash Incentive |
| |
Total
|
| |||||||||
Teresa Elder
|
| | | $ | 5,181,626 | | | | | $ | 1,077,968 | | | | | $ | 6,259,594 | | |
John Rego
|
| | | $ | 1,852,200 | | | | | $ | 357,020 | | | | | $ | 2,209,220 | | |
Don Schena
|
| | | $ | 1,521,800 | | | | | $ | 267,139 | | | | | $ | 1,788,939 | | |
Henry Hryckiewicz
|
| | | $ | 1,554,000 | | | | | $ | 272,748 | | | | | $ | 1,826,748 | | |
Name
|
| |
Restricted Share Awards
(single trigger) |
| |
Restricted Share Awards
(double trigger) |
| |
PSU Awards
(single trigger) |
| |
PSU Awards
(double trigger) |
| |
Total
|
| |||||||||||||||
Teresa Elder
|
| | | $ | 424,315 | | | | | $ | 621,265 | | | | | $ | 1,081,901 | | | | | $ | 1,702,927 | | | | | $ | 3,830,408 | | |
John Rego
|
| | | $ | 184,450 | | | | | $ | 273,189 | | | | | $ | 479,832 | | | | | $ | 755,263 | | | | | $ | 1,692,734 | | |
Don Schena
|
| | | $ | 98,243 | | | | | $ | 151,055 | | | | | $ | 265,295 | | | | | $ | 417,572 | | | | | $ | 932,165 | | |
Henry Hryckiewicz
|
| | | $ | 91,905 | | | | | $ | 154,258 | | | | | $ | 270,925 | | | | | $ | 426,436 | | | | | $ | 943,524 | | |
Name
|
| |
COBRA Cost
|
| |
Outplacement Services
|
| |
Total
|
| |||||||||
Teresa Elder
|
| | | $ | 38,232 | | | | | $ | 7,200 | | | | | $ | 45,432 | | |
John Rego
|
| | | $ | 44,709 | | | | | $ | 7,200 | | | | | $ | 51,909 | | |
Don Schena
|
| | | $ | 30,586 | | | | | $ | 7,200 | | | | | $ | 37,786 | | |
Henry Hryckiewicz
|
| | | $ | 30,586 | | | | | $ | 7,200 | | | | | $ | 37,786 | | |
Description
|
| |
Amount
($) |
| |||
Financial advisory fees and expenses
|
| | | | [ ] | | |
Legal fees and expenses
|
| | | | [ ] | | |
SEC filing fees
|
| | | | [ ] | | |
Printing, proxy solicitation, EDGAR filing and mailing expenses
|
| | | | [ ] | | |
Miscellaneous
|
| | | | [ ] | | |
Total
|
| | | | [ ] | | |
![[MISSING IMAGE: lg_innisfree-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_innisfree-4c.jpg)
501 Madison Avenue, 20th floor
New York, New York 10022
Shareholders may call toll free: (877) 750-0831
Banks and Brokers may call collect: (212) 750-5833
Name
|
| |
Age
|
| |
Current Position and Office
|
|
Gunjan Bhow | | |
54
|
| | Director | |
Jill Bright | | |
62
|
| | Director | |
Brian Cassidy | | |
51
|
| | Director | |
Teresa Elder | | |
64
|
| | Chief Executive Officer and Director | |
Daniel Kilpatrick | | |
44
|
| | Director | |
Jeffrey Marcus | | |
78
|
| | Chairman of the Board | |
Jose Segrera | | |
54
|
| | Director | |
Phil Seskin | | |
62
|
| | Director | |
Barry Volpert | | |
65
|
| | Director | |
| | |
June 30,
|
| |
December 31,
|
| ||||||||||||
| | |
2025
|
| |
2024
|
| |
2023
|
| |||||||||
| | |
(in millions)
|
| |
(in millions)
|
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 31.8 | | | | | $ | 38.8 | | | | | $ | 23.4 | | |
Total current assets
|
| | | $ | 109.4 | | | | | $ | 111.8 | | | | | $ | 110.2 | | |
Total assets
|
| | | $ | 1,501.5 | | | | | $ | 1,512.5 | | | | | $ | 1,514.7 | | |
Total current liabilities
|
| | | $ | 172.0 | | | | | $ | 183.2 | | | | | $ | 169.6 | | |
Total liabilities
|
| | | $ | 1,320.6 | | | | | $ | 1,303.7 | | | | | $ | 1,256.5 | | |
Total Stockholders’ equity
|
| | | $ | 180.9 | | | | | $ | 208.8 | | | | | $ | 258.2 | | |
| | |
Years Ended
December 31, |
| |||||||||||||||
| | |
2024
|
| |
2023
|
| |
2022
|
| |||||||||
| | |
(in millions, except
per share and share data) |
| |||||||||||||||
Revenue
|
| | | $ | 630.9 | | | | | $ | 686.7 | | | | | $ | 704.9 | | |
Income (loss) from operations
|
| | | $ | 6.5 | | | | | $ | (315.0) | | | | | $ | (0.7) | | |
Net loss
|
| | | $ | (58.8) | | | | | $ | (287.7) | | | | | $ | (2.5) | | |
Basic and diluted loss per common share
|
| | | $ | (0.72) | | | | | $ | (3.53) | | | | | $ | (0.03) | | |
Name and Address of Beneficial Owner(1)
|
| |
Shares of
Common Stock Owned |
| |
% of Common
Stock Outstanding |
| ||||||
Principal Stockholders (5% Beneficial Owners) | | | | | | | | | | | | | |
Crestview(2) | | | | | 31,843,988 | | | | | | 37.2% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Teresa Elder
|
| | | | 1,506,987(3) | | | | | | 1.8% | | |
John Rego
|
| | | | 323,406(4) | | | | | | * | | |
Don Schena
|
| | | | 288,032(5) | | | | | | * | | |
Henry Hryckiewicz
|
| | | | 208,808(6) | | | | | | * | | |
Brian Cassidy(2)
|
| | | | — | | | | | | * | | |
Daniel Kilpatrick(2)
|
| | | | — | | | | | | * | | |
Jeffrey Marcus
|
| | | | 125,187 | | | | | | * | | |
Jose Segrera
|
| | | | 51,369 | | | | | | * | | |
Phil Seskin
|
| | | | 179,739 | | | | | | * | | |
Jill Bright
|
| | | | 194,394 | | | | | | * | | |
Barry Volpert(2)
|
| | | | — | | | | | | * | | |
Gunjan Bhow
|
| | | | 144,295 | | | | | | * | | |
All executive officers and directors as a group (12 persons)(7)
|
| | | | 3,022,217 | | | | | | 3.5% | | |
| | |
Market Price
|
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
2022 | | | | | | | | | | | | | |
Third Quarter
|
| | | $ | 20.96 | | | | | $ | 12.08 | | |
Fourth Quarter
|
| | | $ | 15.32 | | | | | $ | 8.94 | | |
2023 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 12.45 | | | | | $ | 9.13 | | |
Second Quarter
|
| | | $ | 11.75 | | | | | $ | 7.26 | | |
Third Quarter
|
| | | $ | 9.06 | | | | | $ | 7.19 | | |
Fourth Quarter
|
| | | $ | 7.88 | | | | | $ | 2.81 | | |
2024 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 4.31 | | | | | $ | 2.31 | | |
Second Quarter
|
| | | $ | 5.48 | | | | | $ | 3.33 | | |
Third Quarter
|
| | | $ | 5.80 | | | | | $ | 4.83 | | |
Fourth Quarter
|
| | | $ | 5.78 | | | | | $ | 4.59 | | |
2025 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 5.33 | | | | | $ | 4.05 | | |
Second Quarter
|
| | | $ | 5.08 | | | | | $ | 3.87 | | |
Third Quarter (through [ ], 2025)
|
| | | $ | [ ] | | | | | $ | [ ] | | |
Name
|
| |
Citizenship
|
| |
Material Occupations, Positions, Offices or Employment
During the Past Five Years |
|
Marc C. Ganzi | | |
U.S.
|
| | Mr. Ganzi is the Chief Executive Officer of Merger Sub. Mr. Ganzi is the Chief Executive Officer at DBRG, which he joined in 2013. | |
Benjamin Jenkins | | |
U.S.
|
| | Mr. Jenkins is the President of Merger Sub. Mr. Jenkins is the President and Chief Investment Officer at DBRG, which he joined in 2013. | |
Jeffrey Ginsberg | | |
U.S.
|
| | Mr. Ginsberg is a Vice President of Merger Sub. Mr. Ginsberg is Managing Director, Co-Head of Core Strategy and Chairperson of the Responsible Investment Committee at DBRG, and prior to such roles, Mr. Ginsberg was the Chief Administrative Officer at DBRG, which he joined in 2017. | |
Liam Stewart | | |
U.S.
|
| | Mr. Stewart is a member of the board of directors of Merger Sub. Mr. Stewart is also Vice President of Merger Sub. Mr. Stewart is Chief Operating Officer at DBRG, which he joined in 2020. Mr. Stewart was previously the Chief Financial Officer of Macquarie Infrastructure Corporation. | |
Name
|
| |
Citizenship
|
| |
Material Occupations, Positions, Offices or Employment
During the Past Five Years |
|
Jonathan Friesel | | |
U.S.
|
| | Mr. Friesel is a member of the board of directors of Merger Sub. Mr. Friesel is also a Vice President of Merger Sub. Mr. Friesel is a Senior Managing Director and Head of Fiber at DBRG, which he joined in 2023. Mr. Friesel was previously a Managing Partner at Twin Point Capital LLC. | |
Geoffrey Goldschein | | |
U.S.
|
| | Mr. Goldschein is a Vice President and Secretary of Merger Sub. Mr. Goldschein is Chief Legal Officer and Company Secretary at DBRG, which he joined in 2018. | |
Thomas Mayrhofer | | |
U.S.
|
| | Mr. Mayrhofer is a Vice President and Treasurer of Merger Sub. Mr. Mayrhofer is Chief Financial Officer at DBRG, which he joined in 2024. Mr. Mayrhofer was previously Chief Operating Officer for EJF Capital LLC. | |
Raymond Pang | | |
U.S.
|
| | Mr. Pang is a member of the board of directors of Merger Sub. Mr. Pang is a Principal at DBRG, which he joined in 2017. | |
Name
|
| |
Citizenship
|
| |
Material Occupations, Positions, Offices or Employment
During the Past Five Years |
|
Brian P. Cassidy | | |
U.S.
|
| | Mr. Cassidy is a member of the Company Board and holds the title of Partner at Crestview, L.L.C. (which is the general partner of Crestview Partners III GP, L.P.) and Crestview Advisors, L.L.C. | |
Daniel G. Kilpatrick | | |
U.S.
|
| | Mr. Kilpatrick is a member of the Company Board and holds the title of Partner at Crestview, L.L.C. and Crestview Advisors, L.L.C. | |
Barry S. Volpert | | |
U.S.
|
| | Mr. Volpert is a member of the Company Board and holds the title of CEO at Crestview, L.L.C. and Crestview Advisors, L.L.C. | |
7887 East Belleview Avenue, Suite 1000
Englewood, CO 80111
Attention: Legal
7887 East Belleview Avenue, Suite 1000
Englewood, CO 80111
![[MISSING IMAGE: lg_innisfree-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/lg_innisfree-4c.jpg)
501 Madison Avenue, 20th floor
New York, New York 10022
Shareholders may call toll free: (877) 750-0831
Banks and Brokers may call collect: (212) 750-5833
| | |
Page
|
| |||
ARTICLE 1
THE MERGER
|
| | |||||
Section 1.1
The Merger
|
| | | | A-2 | | |
Section 1.2
Closing
|
| | | | A-2 | | |
Section 1.3
Effective Time
|
| | | | A-2 | | |
Section 1.4
Effects of the Merger
|
| | | | A-2 | | |
Section 1.5
Organizational Documents of the Surviving Corporation
|
| | | | A-2 | | |
Section 1.6
Directors of the Surviving Corporation
|
| | | | A-2 | | |
Section 1.7
Officers of the Surviving Corporation
|
| | | | A-2 | | |
ARTICLE 2
CONVERSION OF SHARES; EXCHANGE OF CERTIFICATES
|
| ||||||
Section 2.1
Effect on Capital Stock
|
| | | | A-3 | | |
Section 2.2
Exchange of Certificates
|
| | | | A-4 | | |
Section 2.3
Treatment of Company Long-Term Incentive Awards
|
| | | | A-6 | | |
ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
|
| ||||||
Section 3.1
Qualification, Organization, Subsidiaries
|
| | | | A-9 | | |
Section 3.2
Capitalization
|
| | | | A-9 | | |
Section 3.3
Corporate Authority Relative to This Agreement; No Violation
|
| | | | A-10 | | |
Section 3.4
Reports and Financial Statements
|
| | | | A-12 | | |
Section 3.5
Internal Controls and Procedures
|
| | | | A-12 | | |
Section 3.6
No Undisclosed Liabilities
|
| | | | A-13 | | |
Section 3.7
Compliance with Law; Permits
|
| | | | A-13 | | |
Section 3.8
Environmental Laws and Regulations
|
| | | | A-14 | | |
Section 3.9
Employee Benefit Plans; Labor Matters
|
| | | | A-14 | | |
Section 3.10
Absence of Certain Changes or Events
|
| | | | A-16 | | |
Section 3.11
Investigations; Litigation
|
| | | | A-16 | | |
Section 3.12
Proxy Statement; Other Information
|
| | | | A-16 | | |
Section 3.13
Tax Matters
|
| | | | A-17 | | |
Section 3.14
Intellectual Property; Privacy and Data Security
|
| | | | A-18 | | |
Section 3.15
Real Property
|
| | | | A-19 | | |
Section 3.16
Opinion of Financial Advisor
|
| | | | A-19 | | |
Section 3.17
Required Vote of the Company Stockholders
|
| | | | A-19 | | |
Section 3.18
Material Contracts
|
| | | | A-19 | | |
Section 3.19
Insurance Policies
|
| | | | A-21 | | |
Section 3.20
Related Party Transactions
|
| | | | A-21 | | |
Section 3.21
Finders or Brokers
|
| | | | A-21 | | |
Section 3.22
Takeover Laws; No Rights Agreements
|
| | | | A-21 | | |
Section 3.23
Anti-Corruption, Import/Export, Anti-Money Laundering and Economic
Sanctions
|
| | | | A-22 | | |
| | |
Page
|
| |||
Section 3.24
Security Clearance
|
| | | | A-22 | | |
Section 3.25
Assets; Title
|
| | | | A-22 | | |
Section 3.26
Communications Licenses
|
| | | | A-23 | | |
Section 3.27
No Additional Representation; No Reliance
|
| | | | A-23 | | |
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
|
| ||||||
Section 4.1
Qualification, Organization, Subsidiaries
|
| | | | A-23 | | |
Section 4.2
Corporate Authority Relative to This Agreement; No Violation
|
| | | | A-24 | | |
Section 4.3
Investigations; Litigation
|
| | | | A-25 | | |
Section 4.4
Proxy Statement; Other Information
|
| | | | A-25 | | |
Section 4.5
Financing
|
| | | | A-25 | | |
Section 4.6
Guarantee
|
| | | | A-26 | | |
Section 4.7
Capitalization of Merger Sub
|
| | | | A-26 | | |
Section 4.8
No Vote of Parent Stockholders
|
| | | | A-26 | | |
Section 4.9
Finders or Brokers
|
| | | | A-26 | | |
Section 4.10
Certain Arrangements
|
| | | | A-26 | | |
Section 4.11
Ownership of Common Stock
|
| | | | A-27 | | |
Section 4.12
Solvency
|
| | | | A-27 | | |
Section 4.13
Support and Rollover Agreement
|
| | | | A-27 | | |
Section 4.14
No Additional Representations; No Reliance
|
| | | | A-27 | | |
ARTICLE 5
COVENANTS AND AGREEMENTS
|
| ||||||
Section 5.1
Conduct of Business by the Company
|
| | | | A-28 | | |
Section 5.2
Control of Operations
|
| | | | A-31 | | |
Section 5.3
Access
|
| | | | A-31 | | |
Section 5.4
No Solicitation
|
| | | | A-32 | | |
Section 5.5
Filings; Other Actions
|
| | | | A-36 | | |
Section 5.6
Employee Matters
|
| | | | A-37 | | |
Section 5.7
Efforts
|
| | | | A-38 | | |
Section 5.8
Takeover Statute
|
| | | | A-41 | | |
Section 5.9
Public Announcements
|
| | | | A-41 | | |
Section 5.10
Indemnification and Insurance
|
| | | | A-42 | | |
Section 5.11
Financing
|
| | | | A-43 | | |
Section 5.12
Stock Exchange De-listing; 1934 Act Deregistration
|
| | | | A-44 | | |
Section 5.13
Rule 16b-3
|
| | | | A-44 | | |
Section 5.14
Stockholder Litigation
|
| | | | A-44 | | |
Section 5.15
Obligations of Parent
|
| | | | A-45 | | |
Section 5.16
Notice of Certain Matters
|
| | | | A-45 | | |
Section 5.17
Director Resignations
|
| | | | A-45 | | |
Section 5.18
No Employment Discussions
|
| | | | A-45 | | |
Section 5.19
Other Investors
|
| | | | A-45 | | |
| | |
Page
|
| |||
Section 5.20
Discontinuance
|
| | | | A-45 | | |
Section 5.21
Specified Contract
|
| | | | A-46 | | |
ARTICLE 6
CONDITIONS TO THE MERGER
|
| ||||||
Section 6.1
Conditions to Obligation of Each Party to Effect the Merger
|
| | | | A-46 | | |
Section 6.2
Conditions to Obligation of the Company to Effect the Merger
|
| | | | A-46 | | |
Section 6.3
Conditions to Obligations of Parent and Merger Sub to Effect the Merger
|
| | | | A-47 | | |
Section 6.4
Frustration of Closing Conditions
|
| | | | A-47 | | |
ARTICLE 7
TERMINATION
|
| ||||||
Section 7.1
Termination or Abandonment
|
| | | | A-47 | | |
Section 7.2
Effect of Termination
|
| | | | A-49 | | |
Section 7.3
Termination Fees
|
| | | | A-49 | | |
ARTICLE 8
MISCELLANEOUS
|
| ||||||
Section 8.1
No Survival of Representations, Warranties and Covenants
|
| | | | A-52 | | |
Section 8.2
Expenses
|
| | | | A-53 | | |
Section 8.3
Transfer Taxes
|
| | | | A-53 | | |
Section 8.4
Counterparts; Effectiveness
|
| | | | A-53 | | |
Section 8.5
Governing Law; Jurisdiction
|
| | | | A-53 | | |
Section 8.6
Remedies; Specific Enforcement
|
| | | | A-53 | | |
Section 8.7
WAIVER OF JURY TRIAL
|
| | | | A-55 | | |
Section 8.8
Notices
|
| | | | A-55 | | |
Section 8.9
Assignment; Binding Effect
|
| | | | A-56 | | |
Section 8.10
Severability
|
| | | | A-56 | | |
Section 8.11
Entire Agreement; No Third-Party Beneficiaries
|
| | | | A-56 | | |
Section 8.12
Amendments; Waivers
|
| | | | A-57 | | |
Section 8.13
Headings
|
| | | | A-57 | | |
Section 8.14
Interpretation; Disclaimer; Special Committee
|
| | | | A-57 | | |
Section 8.15
Definitions
|
| | | | A-59 | | |
750 Park of Commerce Drive, Suite 210
Boca Raton, FL 33487 USA
Attention:
590 Madison Avenue, 42nd Floor
New York, NY 10022
Attention:
Dan Kilpatrick
dkilpatrick@crestview.com
425 Lexington Avenue
New York, NY 10017
Christopher May
Ana Sanchez
cmay@stblaw.com
ana.sanchez@stblaw.com
450 Lexington Avenue
New York, NY 10017
7887 East Bellview Avenue, Suite 1000
Englewood, CO 80111
51 West 52nd Street
New York, New York 10019
Jenna E. Levine
JELevine@wlrk.com
Title: Vice President
Title: Vice President
Title: Chief Executive Officer
31 West 52nd Street
New York, NY 10019
WideOpenWest, Inc.
7887 East Bellview Avenue, Suite 1000
Englewood, CO 80111
EXECUTION VERSION
750 Park of Commerce Drive, Suite 210
Boca Raton, Florida 33487
600 Travis Street, Suite 5400
Houston, Texas 77002
Chris May
Ana Sanchez
cmay@stblaw.com
ana.sanchez@stblaw.com
590 Madison Avenue, 42nd Floor
New York, New York 10022
450 Lexington Avenue
New York, New York 10017
7887 East Belleview Avenue, Suite 1000
Englewood, Colorado 80111
51 West 52nd Street
New York, New York 10019
Jenna E. Levine
JELevine@wlrk.com
| | | | Crestview Rolling Stockholders: | | | |||||
| | | | CRESTVIEW W1 TE HOLDINGS, LLC | | | |||||
| | | | By: | | |
/s/ Evelyn C. Pellicone
Name: Evelyn C. Pellicone
Title: Chief Financial Officer |
| | ||
| | | | CRESTVIEW W1 HOLDINGS, L.P. | | | |||||
| | | | By: | | | Crestview W1 GP, LLC, its general partner | | | ||
| | | | By: | | |
/s/ Evelyn C. Pellicone
Name: Evelyn C. Pellicone
Title: Chief Financial Officer |
| | ||
| | | | CRESTVIEW W1 CO-INVESTORS, LLC | | | |||||
| | | | By: | | |
/s/ Evelyn C. Pellicone
Name: Evelyn C. Pellicone
Title: Chief Financial Officer |
| | ||
| | | | CRESTVIEW ADVISORS, L.L.C. | | | |||||
| | | | By: | | |
/s/ Evelyn C. Pellicone
Name: Evelyn C. Pellicone
Title: Chief Financial Officer |
| | ||
| | | | Individual Rolling Stockholders: | | ||||||
| | | | | | |
/s/ Brian Cassidy
Name: Brian Cassidy
/s/ Daniel Kilpatrick
Name: Daniel Kilpatrick
/s/ Barry Volpert
Name: Barry Volpert
|
| |
| | | | Stockholders’ Representative: | | |||
| | | | Crestview Partners III GP, L.P. | | |||
| | | | By: | | | Crestview, L.L.C., its general partner | |
| | | | By: | | |
/s/ Evelyn C. Pellicone
Name: Evelyn C. Pellicone
Title: Chief Financial Officer |
|
Stockholder
|
| |
Number of Common Shares
|
|
Crestview W1 TE Holdings, LLC
|
| | 1,245,968 | |
Crestview W1 Holdings, L.P.
|
| | 25,142,311 | |
Crestview W1 Co-Investors, LLC
|
| | 4,849,639 | |
Crestview Advisors, L.L.C.
|
| | 423,678 | |
Brian Cassidy
|
| |
33,722 (vested RSUs + board fee grants with all rights assigned to Crestview Advisors, L.L.C.)
26,744 (RSUs that will vest in May 2026 with all rights assigned to Crestview Advisors, L.L.C.)
|
|
Daniel Kilpatrick
|
| |
35,543 (vested RSUs + board fee grants with all rights assigned to Crestview Advisors, L.L.C.)
26,744 (RSUs that will vest in May 2026 with all rights assigned to Crestview Advisors, L.L.C.)
|
|
Barry Volpert
|
| |
32,895 (vested RSUs + board fee grants with all rights assigned to Crestview Advisors, L.L.C.)
26,744 (RSUs that will vest in May 2026 with all rights assigned to Crestview Advisors, L.L.C.)
|
|
![[MISSING IMAGE: px_25wowproxy01pg01-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/px_25wowproxy01pg01-4c.jpg)
![[MISSING IMAGE: px_25wowproxy01pg02-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0001701051/000110465925090552/px_25wowproxy01pg02-bw.jpg)