Eschelon stockholders approve acquisition of company by Integra Telecom

By Angela McDaniels

Seattle, May 25 - Eschelon Telecom, Inc. said its stockholders overwhelmingly approved the company's proposed acquisition by Integra Telecom Holdings, Inc. and its subsidiary ITH Acquisition Corp. at a special meeting of stockholders in Minneapolis on May 25.

Of the votes submitted, 99.98% were cast in favor of the transaction, according to a company news release. The company needed approval from holders of a majority of the outstanding shares.

The transaction is expected to close in the third quarter after the receipt of final approval from state regulatory agencies.

Under the agreement, Integra will acquire Eschelon for $30 per share, or $710 million. The per-share price is a 17.23% premium over the closing price of Eschelon's common stock on March 19, the day prior to the announcement of the agreement.

Eschelon is located in Minneapolis and provides integrated communications services to small- and medium-sized businesses in the western United States.

Integra Telecom is a privately held integrated communications provider based in Portland, Ore.

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