AYLMER and FOREST, Ont. – Who knew a 5,200-customer telco in rural Ontario would be so popular and ignite a bidding war?
Wednesday, Amtelecom was forced to yet again raise its bid (for the fourth time) for People’s Communications of Forest Ont., to $56 a share. It’s original offer, made well before Christmas, was for $50 a share.
Amtelecom’s release says the reason for it is an unnamed third party which keeps upping the ante. Amtelecom CEO Michael Andrews declined to comment or indicate how far Amtelecom would be willing to go to purchase People’s.
People’s board is still in Amtelecom’s corner, however, and went as far to say this time that shareholders (many of whom are local citizens) should vote for Amtelecom, even if it’s bid is equal to the other.
“The board of People’s will recommend that People’s shareholders vote in favour of an Amtelecom offer that matches any unsolicited third party proposal,” said William Vandenberg, president and CEO of People’s.
Click here for the rest of the back-story.
A meeting of the People’s shareholders will be held on January 17, 2006 at the North Lambton Secondary School, 15 George Street in Forest, Ontario.
