PARSIPPANY, N.J.-Lin Broadcasting Corp. shareholders voted to approve a merger agreement with AT&T Wireless Services at the annual shareholder meeting.
Lin shareholders will receive approximately $129.90 in cash for each Lin share. The total value of the merger is about $3.3 billion.
AT&T acquired Lin on behalf of McCaw Cellular Communications Inc., the wireless giant AT&T purchased last fall. McCaw bought 52 percent of Lin in 1989, and the purchase agreement included a buyout clause calling for McCaw to either offer to buy the remaining 48 percent of Lin or put the entire company up for sale. In April, AT&T announced its intention to purchase the remainder of Lin.
With profitable cellular licenses in the strategically important cellular markets of New York, Los Angeles, Dallas and Houston, Lin is a valuable asset in AT&T’s vision of offering nationwide wireless service.
“We’ve made tremendous progress together already,” said Steven Hooper, president and chief executive officer of AT&T Wireless Services. “But this investment further strengthens our position as the world’s leader in wireless communications. The potential for new services and growth is enormous.”
Lin and AT&T will close the merger by filing a certificate of merger with the state of Delaware. Within two days of the closing, Chemical Mellon Shareholder Services, the paying agent for the merger, will send letters of transmittal to Lin shareholders of record explaining the process by which Lin shares will be exchanged for cash.
