Glendon Capital Management Sends Letter to Frontier Communications Board of Directors Opposing Sale to Verizon for $38.50 Per Share

Core Viewpoint - Glendon Capital Management LP opposes the proposed acquisition of Frontier Communications by Verizon at the current price, arguing that it significantly undervalues Frontier's assets and earnings trajectory [1][2]. Group 1: Valuation and Financial Analysis - Glendon believes Frontier's enterprise value is at least $26 billion, which is 30% higher than the $20 billion enterprise value derived from the Verizon transaction [2]. - The valuation is based on an analysis of recent comparable transactions and Frontier's expected future cash flows [2]. Group 2: Governance and Shareholder Engagement - Glendon expressed disappointment with Frontier's Board for hastily setting the record date and special meeting of stockholders, urging an extension of both dates to allow shareholders to fully understand Frontier's standalone case [2].