UPDATE 1-Zayo to buy FiberNet for $11.45/share

* Agrees to be bought by Zayo for $11.45/share in cash

* Says to solicit superior proposals until June 17

* Offer at premium of 15.5 pct

May 28 (Reuters) - Broadband interconnection services provider FiberNet Telecom Group Inc (FTGX.O) agreed to be taken over by regional telecom services provider Zayo Group LLC for $11.45 a share in cash.

The transaction is valued at $87.8 million based on 7.67 million outstanding shares of FiberNet.

The offer represents a premium of 15.5 percent over the company's closing price of $9.91 Thursday on Nasdaq.

FiberNet said it will solicit superior proposals from third parties until June 17.

The transaction is expected to be completed in the third quarter of 2009, the company said. (Reporting by S. John Tilak in Bangalore; Editing by Aradhana Aravindan)