With shareholders' meeting approaching, Amtelecom bumps offer to $60

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...