DALLAS-ProNet Inc. and Teletouch Communications Inc. announced a definitive agreement to merge the two paging carriers in a transaction they value at about $181 million.
Under the terms of the agreement approved by each company’s board of directors, Teletouch’s public common stockholders will receive for each of their shares a number of shares of ProNet common stock having a value of $5.50, subject to certain adjustments based on future trading prices.
“ProNet’s merger with Teletouch creates the fourth largest public paging company in the U.S., with approximately 1.4 million subscribers on a pro forma basis,” said Jackie Kimzey, ProNet’s chairman and chief executive officer.
