Activist Searchlight Capital Leads Opportunistic $4 Bid for Consolidated Communications

A bid for Consolidated Communications (US:CNSL) by activist investors Searchlight Capital Partners and British Columbia Investment Management to acquire all outstanding shares of the company for $4.00 each could be read in several ways. 

The offer comes at a time when the company’s shares are trading at their lowest point in five years, down around 70%, prior to their 38.8% surge on April 12 following news of the bid. CNSL stock closed Friday’s extended trading hours at $3.77. A year ago, they were at $6.11 a share.

Searchlight III CVL, L.P. and BCI, which currently hold 34.3% of Consolidated’s outstanding shares, submitted a letter to the board of directors of the company setting forth…

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