British Columbia Investment Management Corporation , one of the largest institutional investors in Canada, is teaming up with Searchlight Capital Partners LP to take Consolidated Communications Holdings Inc. private in a US$3.1-billion transaction.
Consolidated Communications' share price was up by more than 16 per cent in early afternoon trading Vancouver time, to US$4.10, which is far below the price for which the BCI partnership intends to buy the shares. It notes that the deal "has been unanimously approved by a special committee of independent and disinterested directors of the board."
"The board of directors of the company, following recusals of directors affiliated with Searchlight and has approved the proposed transaction on the unanimous recommendation of the special committee," it says.