Broadband provider WideOpenWest (WOW!) has received an unsolicited non-binding preliminary proposal from DigitalBridge Investments, LLC and various Crestview entities. Th bid offers to purchase all of the outstanding shares of WOW! that Crestview does not currently own for $4.80 per share in cash.

The WOW! board will establish a special committee of independent directors to evaluate the proposal.

The company’s network passes nearly 2 million residential, business and wholesale consumer, providing services in 16 markets, primarily in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia and Florida.

Digital Bridge has $80 billion in assets under management and a total of 47 portfolio companies. The company is focused on actively operating, building and scaling digital infrastructure businesses across macro cell towers, data centers, fiber networks, small cells and edge infrastructure facilities.

Crestview currently owns 38% of WOW! and has investments in other telecom companies as well as in other industries.

WOW! began life as a cable overbuilder, but in recent years has shifted toward greenfield fiber deployments.

“WOW! does not undertake any obligation to make any further public comment or disclosure on matters related to the proposal or related matters unless and until WOW! determines that additional disclosure is appropriate or required by law,” the company said in a press release.

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