Wildcat Capital Opposes Consolidated Communications' Deal With Searchlight & British Columbia

(RTTNews) - Wildcat Capital Management LLC, which beneficially owns approximately three million shares of Consolidated Communications Holdings Inc. (CNSL), issued a letter to the company's Board of Directors opposing the company's proposed transaction with affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corp.

Wildcat, said in its letter that it believes the takeover offer severely undervalues Consolidated Communications' equity. Wildcat believes CNSL merits an enterprise value of approximately $4 billion, representing nearly a 30% premium to the $3.1 billion enterprise value implied by the proposed transaction at $4.70 per share.

Wildcat continues to believe in the strategic value of the assets assembled by CNSL and the Company's strong potential as a standalone entity, and called for CNSL to terminate the agreement if a higher price cannot be negotiated.

Wildcat plans to vote its shares against the proposed transaction, and urges CNSL's stockholders to do the same