Frontier Communications shareholders have approved a $9.6 billion sale to Verizon, the company said on Wednesday, even as a number of large investors sought to get a higher price. Shareholders had until Wednesday to cast their votes on a deal that Verizon's CEO Hans Vestberg called a "strategic fit" that would allow the company to be more competitive in additional markets.

Shareholders of pure-play fiber internet provider Frontier Communications Parent, Inc. ($FYBR) on Wednesday have approved the acquisition of the company by Verizon Communications Inc. ($VZ) at a special meeting.

The deal has been approved despite a lot of noise from several Frontier investors in recent weeks that Verizon's bid undervalues the company. Several Frontier shareholders have expressed their opposition to the deal, including Glendon Capital Management, Cooper Investors Pty Limited, and Cerberus.

In the deal, subject to regulatory approval, Verizon would acquire Frontier in an all-cash transaction worth $20 billion . Currently, Frontier serves over 2.2 million fiber subscribers across 25 states. If approved, the deal would give Verizon over 25 million fibre passings across 31 states.

Frontier Communications (FYBR) rises 2.6% as shareholders are set to approve sale to Verizon (VZ). WSJ report confirms deal approval.