Facing competition, Amtelecom boosts offer for People's

AYLMER, Ont. - Amtelecom has raised its offer to purchase People’s Communications to $53 per share for the tiny telco.As reported by www.cartt.ca, last month Amtelecom offered $50 a share for the Forest Ont.-based company. People’s operates People's Telephone, which serves about 5,200 residential and business access lines as well as Xcelco Internet Services which has approximately 4,650 subscribers.The new bid raises the total price of the deal from $21.3 million to north of $22.5 million. This new offer is as “a result of an unsolicited third party offer received by People's to purchase all of the People's outstanding shares....