Shareholder accuses Centel of bungling a proxy letter

Article Abstract:

Shareholders of Centel Corp are protesting the company's merger with Sprint Corp because Centel accepted less than $3 million instead of $4 million. Moran Asset Management requested a one-week delay of a shareholders meeting due to Centel's mishandling the mailing of proxy solicitations, preventing shareholders from protesting the merger. Centel was required to send out letters from Moran arguing against the merger but did not send all of them until less than two weeks before the meeting. Centel claims its errors were technical, and the mistakes are unlikely to affect the vote's outcome. Centel denied Moran's request. Eagle Asset Management suggests that dissident shareholders could vote down the merger if there is a large abstention. This proxy fight is the first after the Securities and Exchange Commission (SEC) changed its rules. Previously, more than 10 shareholders acting together had to file with the SEC. The ruling allows free discussion except regarding specific topics.

Investment advice, Demonstrations and protests, Sprint Corp., Merger, Centel Corp., CNT, Contract Protests, Moran Asset Management Inc., Eagle Asset Management Inc.

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Timetable upset for Pacific Telesis's big spinoff

Article Abstract:

Vice president for corporate strategy Robert L. Burada announces that Pacific Telesis will not be able to complete the spinoff of its cellular operations by Dec 1993 as planned, due to a California Public Utilities Commission administrative law judge's ruling on the spinoff. Judge Gregory Wheatland recommended on Sep 7 that the Commission perform a comprehensive review and audit of Pacific Telesis, with the company submitting a detailed financial plan for each of its offspring, before allowing the separation to occur. He also found Pacific Telesis' customers entitled to compensation from the company for its use of local telephone revenues to subsidize the cellular startup. Future hearings would determine the exact amount of compensation owed. The judge's recommendations are non-binding. The commission will vote Oct 6 on whether to approve the company's spinoff plan, which would divide it into a $9 billion local-telephone and a $1 billion cellular-telephone company.

Laws, regulations and rules, Spinoffs (Corporate), California. Public Utilities Commission, Government Regulation, Court Cases, Spinoff Company, Pacific Telesis Group, PAC

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Bell Atlantic to buy Metro Mobile

Article Abstract:

Bell Atlantic Corp will buy Metro Mobile CTS Inc in a deal valued at almost $2.5 billion. This is the third-largest such deal that has been done, after McCaw Cellular Communications' acquisition of Lin Broadcasting and GTE Corporation's acquisition of Contel Cellular. Bell Atlantic is paying $202 to $206 for each potential customer. Metro Mobile had asked for $215. This acquisition continues a trend toward consolidation in the cellular industry. More than 1,000 companies now provide cellular services, but 25 companies account for about 80 percent of customers in the US. Bell Atlantic's position as the foremost cellular provider on the East Coast is strengthened.

Cellular telephones, Wireless telephones, Telephone companies, Bell Atlantic Corp., BEL, Telephone Company, Acquisition, Bell Regional Holding Companies, Metro Mobile CTS Inc., MCTBC

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