Another Frontier Communications shareholder has confirmed it will reject Verizon's proposed $20 billion acquisition of Frontier.

In a letter to Frontier's board, Glendon Capital Management, which owns around 10 percent of shares in the company, confirmed its stance following a Reuters report last week that it wasn't satisfied with the deal.

The company said it values Frontier's enterprise value at a minimum of $26bn, around 30 percent higher than the offer on the table.

Verizon announced last month that it had agreed to an all-cash acquisition of Frontier in a deal expected to be worth $20bn.

The offer was valued at around $38.50 per share.

"At the current price, Verizon would be walking away with a steal," said Glendon Capital in its letter to the board. "This simply cannot be allowed without objection."

He added: "Our analysis of the most recent and relevant comparable transactions as well as expected future cash flows both prove the inadequacy of a $20 billion enterprise valuation for Frontier. We urge the board to go back to the negotiation table to obtain an increased offer from Verizon in accordance with the value of Frontier’s assets and the company’s exciting growth prospects. Until then, Glendon will be voting against the Verizon Transaction."

Glendon also stated that it was disappointed with the board's "illogical and rushed" setting of the record date and special meeting of stockholders, set for November 13, and has called for an extension of both dates to enable shareholders to fully understand the standalone case for Frontier.

The company's objections to the current offer match those of other Frontier investors.

Last week, Australian global investment manager Cooper Investors Pty Limited also penned an open letter to the board of directors at Frontier, asking for the board to oppose Verizon's acquisition of the US company.

Coopers, which is a stakeholder in Frontier, said the offer from Verizon undervalues the company by between 24 and 62 percent. Cooper, a stakeholder in Frontier since 2021, owns approximately 800,000 of the company's shares.

Reuters reported last week that Cerberus, which owns 7.3 percent of the company, has also expressed its desire to reject the deal.

Verizon stated the deal would bolster its fiber network offering and expand its intelligent Edge network to include digital innovations like AI and IoT.

At present, Frontier provides broadband connection to around 7.2 million locations across 25 states and has 2.2 million fiber customers.

Verizon provides fiber services via its Fios offering. The company has around 18 million fiber locations across the country.