Officials in Burlington have released the list of bidders for Burlington Telecom.
At a press conference Wednesday morning, City Attorney Eileen Blackwood listed three companies, which included Ting/Tucows Inc., Schurz Communications Inc. and Keep BT Local.
Ting/Tucows Inc., offered $27.5 million cash. Schurz offered $30.8 million cash. Lastly, KBTL offered $12 million consisting of $10.5 million cash with the city retaining $1.5 million in interest. 10 million of KBTL’s offer is listed as debt at 14% interest.
Blackwood said the buyers share one commonality: they don’t want to create a monopoly.
“These folks have all agreed to have some restriction on their future sale to any entity that would result in a monopoly in the market,” she said.
Officials initially said they would release four buyers. On Wednesday, Blackwood said one buyer dropped out, but declined to elaborate.
The next meeting is scheduled for October 2. Blackwood said the goal is to narrow the list from three buyers down to two.