Zayo Group is still on track to acquire FiberNet Telecom Group (FTGX), according to an announcement released this morning. FiberNet, which entertained an offer from RCN Corp. (RCNI) for $93.3 million, says that RCN has subsequently withdrawn its proposal to acquire FiberNet for $12.50 per share of FiberNet common stock. FiberNet plans to move forward with the sale to Zayo Group under their existing Merger Agreement of $11.45 per share, and the deal is expected to close sometime in the third quarter.
NEF offers high capacity optical network solutions from Zayo Group companies, including Zayo Bandwidth and Zayo Enterprise Networks. Contact NEF for more information.