People's shareholders approve Amtelecom purchase

AYLMER and FOREST, Ont. – During a special meeting yesterday evening that stretched past midnight, the shareholders of People's Communications approved the proposed acquisition of the independent telco by Amtelecom Income Fund. A total of 287,518 votes were cast in favour of the arrangement, representing 80.9% of the votes cast in person or by proxy at the meeting. Amtelecom is acquiring People's for an aggregate purchase price of approximately $25.6 million. The acquisition is being financed with Amtelecom's existing credit facilities. The transaction, which was a battle, thanks to competing bids by another independent cable company and telco, Execulink Cablecom,...