Consolidated's SureWest acquisition gets shareholder approval

Consolidated Communications' (Nasdaq: CNSL) acquisition of SureWest (Nasdaq: SURW) is now well on its way to be completed next month as the service provider's shareholders approved the deal.

During Consolidated's annual meeting on Tuesday, 98.4 percent of the telco's shareholders approved the acquisition.

With this vote in hand, the telco will be able to complete its purchase on July 2.

According to the terms of the half cash and stock agreement, SureWest shareholders have the option of exchanging their shares for either $23 in cash or for shares of Consolidated's common stock.

SureWest shareholders have until June 28 to decide whether to exchange their shares for stock or cash.

For more:
- Sacramento Business Journal has this article

Special report: ILECs grew video, business and broadband power in Q1 2012

Related articles:
Consolidated Communications' pending SureWest deal heads to California PUC for review
Consolidated Communications broadband and backhaul initiatives help minimize Q1 voice service declines
SureWest's broadband growth drives Q1 2012 revenue up 3.6 percent

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