Windstream, D&E Communications merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Windstream Corp. said the Federal Communications Commission approved the company's proposed acquisition of D&E Communications, Inc.

In May, Windstream announced it agreed to acquire D&E, an Ephrata, Pa., integrated communications provider, in a cash-and-stock transaction valued at approximately $330 million, or about $10.88 per share.

As previously reported, D&E shareholders will receive 0.65 shares of Windstream stock and $5.00 in cash per D&E share under the terms of the companies' definitive merger agreement.

D&E's shareholders are expected to vote on the transaction in September, according to a Windstream news release.

Windstream, a Little Rock, Ark., broadband and entertainment services company, said it anticipates closing the merger in the fourth quarter of 2009.

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