Iowa Telecom's shareholders approve merger with Windstream

Iowa Telecom's shareholders approve merger with Windstream

Mar 26, 2010 (M2 EQUITYBITES via COMTEX) --

Telecommunications service provider Iowa Telecommunications
Services Inc announced on Thursday that its shareholders have voted to approve the merger agreement, of 23 November 2009, under which Iowa Telecom will be acquired by Windstream Corporation.

The acquisition will take place through a merger of Iowa Telecom into a wholly-owned subsidiary of Windstream.

Under the terms of the merger agreement, each outstanding share of Iowa Telecom common stock will be converted into the right to receive USD7.90 in cash and 0.804 shares of common stock of Windstream.

The completion of the merger remains subject to regulatory approval by the US Federal Communications Commission, regulatory approval by the Iowa Utilities Board and other customary conditions to closing.

The merger is expected to close in mid-2010.

Reportedly, 97.8% of the shares at the special meeting were cast in favour of adoption of the merger agreement.