Commonwealth Telephone OKs acquisition |
|
|
|
Published
:
Fri, 26 Jan 2007 00:52
|
Dallas, PA (AFX) - Commonwealth Telephone Enterprises Inc., which provides phone service to rural parts of Pennsylvania, said Thursday that shareholders approved its merger with a larger Connecticut phone company.The $1.16 billion cash and stock deal, announced in September, would give Stamford, Conn.-based Citizens Communications Co. expanded access to the Pennsylvania market.About 98 percent of votes cast Friday at a shareholders' meeting in New York supported the merger, Dallas, Pa.-based Commonwealth said.The deal would create the seventh-largest local phone company in the United States, Commonwealth said. Citizens does business under the brand name of Frontier Communications.Upon the deal's closing, expected by midyear, shareholders in Commonwealth are to receive $31.31 in cash and 0.768 shares of Citizens' stock for every outstanding share of Commonwealth.Shares of Citizens fell Thursday by 17 cents, or more than 1 percent, to close at $14.31 on the Nasdaq Stock Market, where shares of Commonwealth fell 6 cents, or less than 1 percent, to close at $42.05.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Tata's VSNL Global launches Cipris telecoms services unit in Paris 