Friday, July 10, 2009

Zayo, FiberNet Deal Back On Track

The acquisition of New York-based FiberNet Telecom Group by Louisville, Colorado-based Zayo Group is back on, after a competing offer from RCN Corporation was withdrawn Thursday. FiberNet Telecom said yesterday that it is continuing to proceed on its sale to Zayo Group for $11.45 per share in cash, after RCN withdrew a competing, $12.50 per share offer for the provider of colocation and telecom services. Reason for the withdrawal by RCN was not given. Zayo originally made its offer for FiberNet in May.