Feb, 2002 : Cogent's Acquisition of Allied Riser Completed

📅 February 5, 2002 - Cogent Communications Group, Inc. (cogentco.com 👉 Total Reviews: 1
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As a result of the transaction, Allied Riser became a wholly ownedsubsidiary of Cogent. On Jan. 31, Allied Riser shareholders approved themerger of the two companies at a shareholder meeting held in Dallas, Texas.Pursuant to the terms of the merger agreement, Allied Riser shareholderswill receive approximately .032 shares of common stock of Cogent for eachAllied Riser share held, in a transaction structured to be a tax-freeexchange.
Upon completion of the merger, Allied Riser became a wholly owned subsidiaryof Cogent and Allied Riser's common stock will be voluntarily removed fromlisting on the NASDAQ Stock Market's National Market System. Cogent's commonstock was immediately listed and will commence trading tomorrow morning onthe American Stock Exchange under the symbol COI.
Jerry Dinsmore, departing chairman, CEO and president of Allied Riserstated, "this transaction provides the opportunity for all stakeholders inAllied Riser to participate in the further development of a unique networkcombining ARC's in-building fiber optic facilities with Cogent's expandingnational network."
Upon completion of the merger, Dave Schaeffer, chairman and CEO of Cogent,said, "Our successful acquisition of Allied Riser provides Cogent withnecessary in-building networks as well as valued building access rightsalready negotiated with hundreds of building owners and real estateinvestment trusts across the country. This will enable Cogent todramatically accelerate its business plan and increase its footprint in the20 markets we currently serve. Cogent is now uniquely positioned to provideLAN speed (100 Mbps) access to the Internet to a significantly largeruniverse of tenants at costs equivalent to what they currently pay for atraditional T1 connection at 1.5 Mbps."