RCN Corp. (RCNC) - Voice-Video-Internet Message Board

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Technology Stocks : RCN Corp. (RCNC) - Voice-Video-Internet

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From: Glenn Petersen	3/5/2010 12:54:59 PM
	of 720

Private Equity Firm to Acquire Cable Operator RCN By THE ASSOCIATED PRESS Published: March 5, 2010 HERNDON, Va. (AP) -- Cable operator RCN Corp. said Friday that it will be acquired by a private equity firm for more than $530 million. Including the assumption of debt, the deal is valued at around $1.2 billion. An investment fund managed by Abry Partners will purchase the company for $15 in cash per RCN share, which is a 22 percent premium over the stock's closing price on Thursday. Shares of RCN, based in Herndon, Va., soared $2.80, or 23 percent, to $15.06 in morning trading. The deal is expected to be completed in the second half of the year. RCN is allowed to seek other buyout bids through April 14. The buyout will be funded by equity from Abry and financing from SunTrust Robinson Humphrey Inc., GE Capital, Societe Generale and others. A fourth-quarter earnings conference call, originally scheduled for Tuesday, has been postponed. nytimes.com

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