WideOpenWest's pending $1.5 billion acquisition of Knology (Nasdaq: KNOL) got a boost from a pair of independent proxy advisory firms, recommending Knology shareholders approve the deal.
The firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co., put their stamp on WOW's $19.75 all-cash offer. A special Knology shareholders' meeting is set for June 26.
WOW announced plans two months ago to buy Knology and merge it with a subsidiary, and offer that came several weeks after Knology was reported to be studying its options for a sale. The offer also came about a year after Knology itself was seen expanding its market reach through the acquisition of smaller cable-TV providers.
Buying Knology would give WOW more than 256,000 new TV customers, raising its total subscriber take to more than 800,000. Knology also has more than 260,000 broadband Internet customers and more than 276,000 telephony customers. Buying the company would strengthen WOW's market presence in the Midwest and extend it into the South.
- read the release
The FCC launched a streamlined review of the deal last month
WideOpenWest announced in April it would acquire Knology