Acquisition Bid for WideOpenWest Faces Mounting Scrutiny

The proposed acquisition of broadband provider WideOpenWest is encountering increasing opposition from shareholders, with multiple legal firms now examining the fairness of the $5.20 per share cash offer.

Leading investor rights firms Monteverde & Associates PC and Halper Sadeh LLC have initiated investigations into whether the buyout proposal from DigitalBridge Investments and Crestview Partners provides adequate compensation to shareholders. The probes, announced Thursday and Friday, are examining whether WideOpenWest’s board fulfilled its fiduciary duties when recommending the transaction.

While the $5.20 per share offer represented a significant 63% premium over the closing price on August 8 and a 37.2% premium over the unaffected price before the initial May 2024 proposal, investigators note that some investors may consider the stock undervalued at this price point.

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