Alltel To Close Unit Merger With Valor
June 29th, 2006
Alltel, Wednesday said it expects to spin off its wireline business and merge it into Valor Communications Group on July 17 to create a new company named Windstream Corp.
Alltel shareholders will own 85% of the new company, which will be based in Little Rock, Ark., and will trade on the New York Stock Exchange under the ticker symbol WIN.
Valor on July 17 will issue 403 million common shares pro rata to Alltel shareholders, which will continue to own one share of the remaining wireless entity and will receive 1.04 shares of Valor stock for each share of Alltel they own.
Any Alltel shareholder entitled to receive a fractional share will instead receive a cash payment, the Little Rock, Ark.-based telecommunications company said.
