According to Zhitong Finance and Economics APP, it was reported that Frontier Communications (FYBR.US)'s second largest shareholder plans to vote against the plan to sell the company to verizon (VZ.US) at a price of nearly $10 billion.

Sources revealed that Glendon Capital Management, holding nearly 10% of Frontier's shares, opposes this trade because it believes verizon's quote of $38.5 per share for Frontier is too low. It is reported that including the debt after acquisition, the value of this trade will reach $20 billion.

Sources say that the investor plans to vote against the deal at the shareholder meeting on November 13th. The transaction requires the approval of the majority of the outstanding common shareholders to be approved.

Verizon and Frontier did not immediately respond to media requests for comments.

In February of this year, Frontier stated that it was conducting a formal global strategy evaluation process. Previously, activist investor Jana Partners called for an immediate strategic evaluation and a possible sale of the company. Jana believes that Frontier is undervalued and its strong position in the fiber broadband field makes the company attractive to wireless operators and private equity firms.

On Monday, Frontier's stock price closed at $35.25, $3 lower than the proposed transaction price.