Alaska Communications Announces Expiration of “Go-Shop” Period, Receipt of Superior Proposal and Qualification of Excluded Parties

ANCHORAGE, Alaska--(BUSINESS WIRE)--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) (“Alaska Communications” or the “Company”) today announced that the 30-day “go-shop” period set forth in the previously announced definitive agreement and plan of merger with affiliates of Macquarie Capital (“Macquarie”) and GCM Grosvenor (“GCM”), through its Labor Impact Fund, L.P. (the “ Macquarie/GCM Merger Agreement”) expired at 11:59 p.m. on December 3, 2020 and also announced that it has received two acquisition proposals: one from a third party (the “Superior Proposal Bidder”) at $3.15 per share, which the Board has determined constitutes a “Superior Proposal” as defined in the Macquarie/GCM Merger Agreement (the “Superior Proposal Offer”), and one from a different third party (the “Acquisition Proposal Bidder,” and together with the Superior Proposal Bidder, the “Bidders”) that the Board has determined would reasonably be expected to result in a Superior Proposal (the “Acquisition Proposal Offer,” and together with the Superior Proposal Offer, the “Go-Shop Offers”).