Shareholders OK Embarq sale to CenturyTel - Kansas City Business Journal:

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billion plan to combine. About 99 percentf of Overland Park-based Embarq (NYSE: EQ) shareholdera who voted — representing more than 79 percenrt of total outstanding shares of common stock gave their blessing tothe transaction. More than 96 percentt of voting shareholders ofCenturyTel (NYSE: based in Monroe, La., approved the the companies said in a CenturyTel, a local phone service provideer half Embarq’s size, Embarqa in an all-stock merger that included assuming $5.8 millioj in Embarq debt. Shareholders of Embarq are to get 1.
37 CenturyTel sharesw for everyEmbarq share, meaninh they’ll own about 66 percent of the combined The deal is expected to closr in the second quarter, subject to federakl and state regulatory “With these approvals, we have takeb another important step forward to combin e our companies, maximize our assets, and unite our employeezs to deliver additional value for our CenturyTel CEO Glen Post said in the release.
“The significantlyu greater scale and scope of our combined operations will bette r position us to take advantage of efficiencyu and growth opportunities in an increasinglh competitive and challenging Post will run the combined whose headquarters will bein Louisiana. Embarq CEO Tom Gerkw will be executive vice chairman of the combined company’s board and oversee regulatory and governmental relationzs and human resources.
The which are in a shrinking industry as consumerxs hang up wireline phones for wireless expect the combination to saveabout $400 million annually within the first three CenturyTel shareholders also approved elimination of special 10-vote voting rights of certain of its shareholders, and they voterd to increase the company’s authorized number of shares of commohn stock from 350 million to 800 million. Embarq operates in 18 states; the two companies togetheer will operate in 33 states with abouy 8 million access lines and 2 millionbroadbansd customers. Embarq ranks No.
3 on the Kansas City Business Journakl ’s list of area public It spun off fromOverland Park-based S) in May 2006. • • •