CenturyTel, Embarq shareholders support merger

By Lisa Kerner

Charlotte, N.C., Jan. 27 - Shareholders of CenturyTel, Inc. and Embarq Corp. voted on proposals in favor of the companies' proposed merger at separate special meetings on Tuesday.

Embarq shareholders voted to approve the Oct. 26 merger agreement, which gives them 1.37 CenturyTel shares for each share of Embarq common stock they own.

CenturyTel shareholders OK'd the issuance of CenturyTel common stock to Embarq shareholders in the transaction, which is valued at about $5.8 billion.

Once the merger is complete, Embarq shareholders will own approximately 66% and CenturyTel shareholders will own approximately 34% of the combined company.

Regulatory approvals in process

Embarq said it has filed all state transfer applications with the relevant state commissions and a number of commissions have established procedural schedules for approval and made additional requests for information.

Three parties made public comments to the Federal Communications Commission regarding the merger, and reply comments were due Jan. 23, according to Embarq.

The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in November.

CenturyTel, based in Monroe, La., provides communications, high-speed internet and entertainment services in small-to-mid-size cities through its broadband and fiber transport networks.

Embarq provides local and long distance voice, data, high-speed internet, satellite video, wireless and other communications-related products and services to consumer and business customers in the United States. The company is located in Overland Park, Kan.

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