ALBANY, N.Y.-The Federal Communications Commission approved the transfer of control of various licenses for wireless spectrum owned by CAI Wireless Systems Inc. to MCI WorldCom Inc., clearing the way for the two companies to merge, said CAI.
MCI WorldCom, which holds approximately 48 percent of CAI’s common stock, now is expected to acquire additional shares following the FCC action, resulting in ownership of more than 50 percent of CAI’s common stock. Subject to shareholder approval, CAI expects to merge with a wholly owned subsidiary of MCI WorldCom during the third quarter.
