Embarq, CenturyTel merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Nov. 24 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Embarq Corp. and CenturyTel, Inc., it was announced on Monday.

Embarq shareholders will receive 1.37 CenturyTel shares, valued at approximately $40.42, for each share of Embarq common stock they own under the companies' merger agreement, it was reported previously.

In October, CenturyTel agreed to acquire Embarq in tax-free, stock-for-stock transaction worth a reported $5.8 billion.

The merger has been approved by both companies' boards of directors.

CenturyTel, based in Monroe, La., provides communications, high-speed internet and entertainment services in small-to-mid-size cities through its broadband and fiber transport networks.

Embarq provides local and long distance voice, data, high-speed internet, satellite video, wireless and other communications-related products and services to consumer and business customers in the United States. The company is located in Overland Park, Kan.

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