Shares of Kanzhun Limited (BZ), also known as Frontier Communications, plummeted by 5.03% on Monday, following news that a major shareholder, Cooper Investors, has issued an open letter opposing Verizon's proposed acquisition of the company for $38.50 per share.

Cooper Investors, an Australia-based investment manager and a significant stockholder of Frontier, expressed its belief that the standalone value of Frontier is as much as 62% higher than Verizon's offer price. The firm also stated that the fair transaction value, including anticipated synergies, would be up to 94% higher than the proposed acquisition price.

In the letter, Cooper Investors urged Frontier's board of directors and fellow shareholders to vote against the proposed transaction at the upcoming special meeting scheduled for November 13, 2024. The investment firm argued that keeping Frontier as a standalone public company would be the optimal outcome for stockholders.