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XO Holdings board says no thanks to Icahn's $0.55-per-share offer
By Lisa Kerner
Charlotte, N.C., Sept. 28 - The special committee of XO Holdings, Inc.'s board of directors rejected a proposal by Carl C. Icahn affiliate ACF Industries Holding Corp. to acquire the shares of XO it does not own for $0.55 per share.
According to an XO new release, the offer "substantially undervalues the company."
The committee told Icahn it would consider a proposal that "recognizes the full value of the company and reflects the significant benefits that would accrue to ACF as a result of full ownership."
XO Holdings is a Herndon, Va., voice and internet services company.
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