CT Communications, Inc. (CTC) today announced a definitive agreement to merge with Windstream Corporation . In a vote by its board of directors, CT Communications has accepted an offer from Windstream to acquire all of the outstanding shares of CT Communications for $31.50 per share in cash. The offer represents a 46% premium to the closing price of CT Communications' stock on May 25, 2007, and a 31% premium to the previous 30-day average trading price. Including the assumption of cash and debt, the transaction is valued at approximately $585 million. The merger is subject to approvals from federal and state regulators, as well as CT Communications, Inc. shareholders. CTC, headquartered in Concord, NC, is a growing provider of integrated telecommunications and related services to residential and business customers located primarily in North Carolina.
