Zayo Group Acquires FiberNet Telecom Group
September 11, 2009 – New York, NY – FiberNet Telecom Group, Inc. today announced that Zayo Group, LLC has completed its acquisition of FiberNet in a merger transaction valued at approximately $90.7 million.
FiberNet stockholders approved the transaction at a special stockholder meeting held on September 9, 2009, and the merger was effective as of the filing of the Certificate of Merger with the Delaware Secretary of State’s office on September 9, 2009.
FiberNet stockholders will receive $11.45 in cash for each share of FiberNet stock that they owned immediately prior to the merger. Zayo acquired 100% of the outstanding FiberNet shares and consequently FiberNet’s stock will no longer be traded on the Nasdaq Stock Market. BNY Mellon Shareowner Services, the paying agent for this transaction, will mail letters of transmittal to all FiberNet stockholders of record immediately following the merger with instructions on how to deliver their stock certificates to the paying agent in exchange for the payment of the merger consideration. Stockholders should not surrender their stock certificates until they have completed the letter of transmittal. Stockholders who held their shares in “street name” through a bank or broker should contact their bank or broker to determine what actions they must take to receive the merger consideration.
The merger results in Zayo owning 100% of the common stock of FiberNet. Consequently, FiberNet has notified the NASDAQ Stock Market of Zayo’s completion of its acquisition of FiberNet, and requested that FiberNet’s shares of common stock be voluntarily delisted, and trading be halted on its shares of common stock. NASDAQ has informed FiberNet that with effect from the close of business on September 9, 2009, FiberNet’s common stock will be suspended from listing on the NASDAQ Stock Market and that the Form 25 in respect of FiberNet, providing notification of removal from listing and registration under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), will be filed immediately thereafter. In addition, FiberNet expects to file Form 15 today with the Securities and Exchange Commission, pursuant to which its reporting duties under Section 15(d) of the Exchange Act will be suspended.
