On May 30, 2024, LB Partners LLC delivered a letter to the management and board of directors of WideOpenWest, Inc. concerning its dissatisfaction with the publicly announced proposal from DigitalBridge Investments, LLC and various Crestview Partners entities to purchase all the outstanding shares of common stock not owned by such persons. LB Partners stated that the Company received an unsolicited offer by insiders to acquire the Company for $4.80 per share. LB Partners added that the Company?s special committee was formed to evaluate that offer in satisfaction of the Board?s fiduciary duties.

LB Partners stated that it was undervalued at $3.70 and remains so at $4.80, a mere 4.8x Adjusted EBITDA. LB Partners expressed its view that discounts a reasonable valuation by half. This opportunistic bid by Crestview Partners and DigitalBridge Investments combines a low multiple on trough earnings while assigning negative value to the Company?s brand-new crown jewel fiber assets.

A conservative appraisal is north of $10.00 per share. LB Partners stated that the idea that the same people who dumped an overpriced the Company onto the market in 2017 would like to take it private at less than 30% of that value over 7 years later is offensive and should be met with deep skepticism and a rigorous and conflict-free process by the special committee. I describe elements of WOW?s intrinsic value below and expect you to bear in mind that remaining an independent public company is a compelling alternative if, after canvassing many non-conflicted possible buyers, an acceptable offer isn?t secured.