Verizon (VZ) stock was the best performer in the Dow Jones Industrial Average (DJIA) on Wednesday.
Verizon stock closes up 3.28% on Wednesday despite market trading lower. Major Frontier Communications investor wants 30% more for acquisition. Verizon originally offered $20 billion for Frontier, a major fiber carrier in the US. Dow Jones sinks nearly 1% as market braces for high Fed rate environment post-election. Verizon stock was the best performer in the Dow Jones Industrial Average on Wednesday. Shares of the telecom gained 3.28% to close at $42.86.
At the end of September, Verizon had about $150 billion in total debt on its balance sheet. With the current voting deadline on November 13, shareholders are being deprived of this critical opportunity to understand the standalone case for the Company, Glendon partner Holly Kim Olson wrote in the letter Frontier management. We find these decisions to be disenfranchising to shareholders. Glendon is the second largest shareholder of Frontier and owns about 10% of the company.
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