Wildcat Capital Management, which said it is the fifth largest independent holder of Consolidated Communications stock, has announced they intend to vote against a proposed takeover that would make Consolidated Communications a privately traded company.

In an open letter recently issued to Consolidated Communications’ board of directors, Wildcat Capital Management said they intend to oppose the proposed transaction. They encouraged other shareholders to follow suit.

Wildcat Capital Management said they strongly believe the proposed acquisition, announced on October 16 at a price of $4.70 per share, dramatically undervalues the company’s equity.

The letter also said, “views of minority investors have not been sufficiently taken into account in the sale process,” according to a copy of the letter published by Wildcat Capital Management.

The proposed deal, worth $3.1 billion including an assumption of debt, is subject to customary closing conditions, including receipt of regulatory approvals and approval of shareholders that represent the company’s outstanding shares.

Currently, Searchlight Capital Partners owns about 34 percent of Consolidated Communications’ outstanding shares of common stock, according to an October announcement about the proposed acquisition.

A summary from Wildcat Capital Management regarding their recent letter said they believe Consolidated Communications “merits an enterprise value of approximately $4 billion, representing nearly a 30 premium to the $3.1 billion enterprise value implied by the proposed transaction at $4.70 per share.”

When the proposed deal was announced, Bob Udell, the CEO of Consolidated Communications, said he believed the acquisition offer “provides substantial value for our shareholders while also enhancing our flexibility to continue the execution of our fiber expansion strategy.”

“We have been operating in a shifting economic environment over the course of this past year, resulting in higher operating costs and a challenging market for attractive financing options,” Udell said in October.

This isn’t the first time Wildcat Capital Management has penned an open letter to Consolidated Communications. The company said in July they wrote their first letter to Consolidated Communications, which encouraged Consolidated Communications to follow their strategic plan and not accept an offer that they believed undervalued the company.