Alaska Communications Gets Superior Takeover Bid

By Matt Grossman

Alaska Communications Systems Group Inc. has received a new and higher takeover bid from a third party valued at about $332 million, including debt, the company said Thursday.

The bid tops an offer to acquire the Anchorage, Alaska-based broadband and IT-services provider from Macquarie Capital and GCM Grosvenor, who under the terms of an agreed deal with Alaska Communications have the right to return to the negotiating table. Alaska Communications' deal with Macquarie and GCM had permitted the company to solicit additional bids.

The new bid would acquire Alaska Communications for $3.40 a share, Alaska Communications said.

In the most recent version of the deal between Alaska Communications and Macquarie and GCM, the two buyers would have paid $3.26 a share for Alaska Communications, for a total enterprise value of $325 million including net debt. The company didn't identify the new bidder.

Alaska Communications would owe Macquarie and GCM a $6.8 million fee if it terminates its agreement with them.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

December 24, 2020 06:38 ET (11:38 GMT)

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