AYLMER, Ont. – With the shareholders meeting scheduled for tomorrow (Tuesday), Amtelecom on Friday and Saturday increased its offer for People’s Communications from $56 to $57 and now to $60 a share, making the proposed transaction worth close to $26 million.
Amtelecom has been competing with Execulink Cablecom (which is based in Thedford, Ont. and provides telecom and cable services to about 6,000 subscribers in a number of rural Ontario communities) for the right to acquire People’s, which serves about 5,200 telephone customers in Forest, Ont.
Amtelecom’s original friendly offer, made in December, was for $50 a share. The People’s board of directors backs Amtelecom’s offer, as it has all along.
This new offer, however, “is not being made in response to any third party offer,” says Amtelecom’s most recent release.
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