FairPoint, Verizon agree to extend termination date

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Verizon Communications Inc. and FairPoint Communications, Inc. extended the termination date under their merger agreement to March 1 from Jan. 31, according to a form 8-K filing with the Securities and Exchange Commission.

As previously reported, under the terms of their Jan. 16, 2007 agreement, FairPoint will acquire Verizon's wireline operations in Vermont, Maine and New Hampshire.

FairPoint will issue about 53.8 million of its common shares to be distributed in a tax-free Reverse Morris Trust transaction to the shareholders of Verizon as well as assume roughly $1.7 billion of debt. The Federal Communications Commission has approved the assignment of authorizations and licenses in the proposed acquisition.

In addition, FairPoint has reached an agreement with the New Hampshire Public Utilities Commission that is consistent with material terms of the amended stipulation agreement with the Maine Public Utilities Commission and the settlement agreement with the Vermont Department of Public Service.

Verizon, based in New York, delivers broadband and other wireline and wireless communication solutions.

Charlotte, N.C.-based FairPoint is a provider of communications services to rural communities.

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