North Pittsburgh Acquired by Consolidated Communications

Arrangement has been finalized over North Pittsurgh Systems, Inc. acquisition by Consolidated Communications Holdings, Inc. and the later company has full right on the former based upon the closing price of Consolidated's common stock three days after Christmas with about $363 million.
Under the agreement, the North Pittsurgh will operate in Pennsylvania under the Consolidated Communications brand name. The merger agreement provided that North Pittsburgh shareholders could elect to receive either $25.00 in cash, without interest, or 1.1061947 shares of Consolidated common stock for each share of North Pittsburgh common stock, subject to proration so that 80 percent of the North Pittsburgh shares are exchanged for cash and 20 percent are exchanged for stock.
Commenting on this new development, the President and Chief Executive Officer, Bob Currey said that they are excited to complete the transaction with the hope that the agreement will pave way for opportunities that lie ahead. He said "We have said from the start that North Pittsburgh has a strong network that, when coupled with
Consolidated's back office platforms and technical experience, can be leveraged to roll out enhanced broadband services. We plan to launch our IPTV product in the North Pittsburgh area in the first quarter of 2008 and expect to pass approximately 12,000 homes at that time. By the end of 2008, we anticipate passing a total of approximately 34,000 homes."
The transaction involved the exchange of 80 % of North Pittsburgh shares with cash and the remaining 20% for stock.