North Pittsburgh shareholders say yes to merger with Consolidated Communications

By Lisa Kerner

Charlotte, N.C., Nov. 13 - North Pittsburgh Systems, Inc. said more than 94.5% of the votes cast at the company's annual meeting on Tuesday were in favor of North Pittsburgh's merger with Consolidated Communications Holdings, Inc.

Completion of the merger is subject to the approval of the Pennsylvania Public Utility Commission, according to a company news release.

Consolidated Communications agreed to acquire North Pittsburgh for $25 per share in a cash and stock transaction valued at some $375.1 million.

Under the agreement, North Pittsburgh shareholders will exchange each share they own for either $25 in cash or 1.1061947 shares of Consolidated Communications common stock, subject to proration so that 80% of the North Pittsburgh shares will be exchanged for cash and 20% for stock.

Also at the annual meeting, North Pittsburgh shareholders re-elected Harry R. Brown, Charles E. Cole, Frederick J. Crowley, Allen P. Kimble, Stephen G. Kraskin, David E. Nelsen and Charles E. Thomas Jr. as the company's directors.

North Pittsburgh is a telecommunications provider based in Gibsonia, Pa.

Consolidated Communications is a Mattoon, Ill.-based rural local exchange company.

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