FiberNet Telecom moves forward with Zayo deal after RCN drops out

By Lisa Kerner

Charlotte, N.C., July 9 - RCN Corp. withdrew its offer to acquire FiberNet Telecom Group, Inc. for $12.50 per share and is no longer an excluded party under FiberNet's merger agreement with Zayo Group, LLC, said FiberNet.

FiberNet said it will proceed with its sale to Zayo for $11.45 per share in cash.

The transaction is expected to be completed during the third quarter of 2009, according to a FiberNet news release.

RCN, located in Herndon, Va., provides bundled cable, high-speed internet and phone services over its fiber-optic local network to residential customers.

New York-based FiberNet provides interconnection services enabling the exchange of voice, video and data traffic between networks.

Zayo Group is a regional provider of bandwidth and telecom services to carrier, enterprise and government customers. The company is located in Louisville, Colo.

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