RCN bids for FiberNet Telecom, tops Zayo offer

In May, Zayo—the Colorado-based fiber network operator that’s been on an extended buying spree of small, regionally-focused network operators—seemed to be on its way to yet another acquisition, poised to gobble up FiberNet Telecom for $88 million. The buy was set to close in the third quarter, barring a better offer, which FiberNet was clear to accept until June 17.

Enter Herndon-based cable TV and Internet services operator RCN, which showed up last week with just such an offer: $96 million on June 16. All three parties have been mum since, reports the Washington Post.

FiberNet said in a June 18 SEC filing that its board of directors “cautioned that it was not making a recommendation with respect to the RCN proposal and reaffirmed its recommendation in favor of the pending merger with Zayo Group," and that the company would continue to evaluate the RCN offer.

For more:
- see this Washington Post article

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