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Story Archives: Stockholders approve CenturyTel/Embarq merger
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Stockholders approve CenturyTel/Embarq merger
Stockholders for both Monroe's CenturyTel and Kansas' Embarq Corp. unanimously approved the merger of the two companies in a meeting Tuesday.
The transaction is valued at approximately $11.6 billion.
The proposal was approved by more than 96 percent of CenturyTel's shareholders. Embarq shareholders voted to adopt the merger by 99 percent.
The merger was announced in October, and now that stockholders have agreed to the merger, Monroe will become the home of the fourth largest telephone service provider in the nation.
"We are pleased that CenturyTel and Embarq shareholders have given their overwhelming support to the merger," said Glen Post, chairman and CEO of CenturyTel. "With these approvals, we have taken another important step forward to combine our companies, maximize our assets, and unite our employees to deliver additional value for our customers."
"The significantly greater scale and scope of our combined operations will better position us to take advantage of efficiency and growth opportunities in an increasingly competitive and challenging marketplace," Post said.
Under the terms of the merger, Post will assume the role of CEO, a position he held at CenturyTel until the death of founder Clarke Williams.
Embarq is a rural telephone provider with service in 22 states. It is headquartered in Overland Park, Kan. Embarq was created when Sprint-Nextel spun off its wire line division in 2001. Since that time, it has grown into a Fortune 500 company.
Combined, the new company will have a major presence in 33 states and provide service for more than 10 million customers.
Under the terms of the deal, CenturyTel would issue 1.37 shares of CenturyTel stock for each share of Embarq. Also, CenturyTel will acquire $5.8 billion in debt from Embarq.
The corporate headquarters for the new company will remain in Monroe. However, Post said the new company will maintain a presence in Overland Park.
Though Embarq shareholders will hold a two-thirds stake of the new company, CenturyTel will control the board of directors with eight seats to Embarq's six.
CenturyTel said the merger should be completed by the end of the second quarter of 2009 and would begin producing a positive cash-flow for the new company in 2010.
CenturyTel currently employees 1,100 people in Monroe. It is expected the merger will lead to a larger workforce in Monroe.
The merger is expected to close during the second quarter of 2009 after federal and state regulatory approvals are received. |
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