Consolidated, North Pittsburgh clear regulatory hurdle, set deadline for choosing merger payment

By Lisa Kerner

Charlotte, N.C., Dec. 10 - North Pittsburgh Systems, Inc. shareholders have until 5 p.m. ET on Dec. 27 to elect their merger consideration in the company's merger with Consolidated Communications Holdings, Inc.

The closing date for the merger is set for Dec. 31, according to a news release.

North Pittsburgh shareholders may exchange each share held 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.

Consolidated Communications agreed to acquire North Pittsburgh for some $375.1 million.

The Pennsylvania Public Utility Commission approved the transfer of control to Consolidated of North Pittsburgh's subsidiaries that are regulated by the Pennsylvania PUC, North Pittsburgh Telephone Co. and Penn Telecom, Inc., satisfying another condition of the merger.

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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