Consolidated Communications confirms “take private” proposal from Searchlight

The company states: "Consolidated Communications announced that its board of directors received a non-binding proposal letter, dated April 12, 2023, from Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation to acquire all of the outstanding common shares of Consolidated not already owned by the Searchlight Group for cash consideration of $4.00 per share. Searchlight owns 34.3% of the Company’s outstanding common shares, based on their most recent Schedule 13D filing dated April 12, 2023. The Board intends to establish a special committee consisting of independent directors of the Board to review and consider the proposal, as well as any other alternative proposals or other strategic alternatives that may be available to the Company."