The Special Committee expressed the view that the 80c per share offer undervalued the Issuer and that it would not make a counteroffer. Representatives of ACF Holding pointed out that the CLEC industry faced difficult times ahead and that ACF Holding believed that its offer of $0.80 per share was fair, especially in light of the fact that it required a majority of the minority stockholders to vote for it in order to become effective. Representatives of ACF Holding also pointed out that ACF Holding had raised its proposed merger price from 55c to 80c per share without receiving a counteroffer. They also stated that the initial offer was made when the market price for the Shares was under 30c per share. In light of all of the above facts, ACF Holding is now terminating its offer. :theflyonthewall.com
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