Washington | Australia-based global investment manager Cooper Investors became the first shareholder in US home internet provider Frontier Communications to publicly reject a $US9.6 billion ($14 billion) takeover by Verizon Communications.

Two Cooper Investors portfolio managers wrote in a detailed letter to the Frontier board that the standalone value of the company is as much as 62 per cent higher than Verizon’s offer price of $US38.50 a share and that the fair transaction value would be up to 94 per cent higher.