NEW YORK-Telephone and Data Systems Inc. announced it completed the merger of its wholly owned subsidiary, API Merger Corp., with American Paging Inc., effective March 20.
TDS announced March 18 that its buyback program for its paging subsidiary’s publicly held stock had expired. Through API Merger, TDS had issued a tender offer at $2.50 per share. It said about 2.29 million American Paging shares were tendered and accepted by the deadline, at the close of the business day March 17.
The tendered shares, along with the 16.5 million common shares of American Paging stock TDS already owns, comprise 93.3 percent of the paging carrier’s outstanding common equity, TDS said. The remaining publicly held common stock not purchased in the tender offer will be converted into the right to receive $2.50 per share in cash upon surrendering the certificates for their shares to Harris Trust and Savings Bank, added TDS. A notice of Merger and Letter of Transmittal for surrendering shares will be mailed to all remaining API common shareholders.
