Alltel applies pressure in CenturyTel offer

DENVER, Colorado, United States—Alltel continued to pressure acquisition target CenturyTel’s management last week, releasing another letter from Alltel Chief Operating Officer Scott Ford to CenturyTel President and CEO Glen Post III, urging CenturyTel to reconsider the same merger proposal it has already rebuffed three times.
In the letter, Ford points out the positive response the proposed deal received from the investment community as well as how the deal will help CenturyTel as a whole and not just its wireline business by selling off only the wireless assets. It also asks for CenturyTel’s directors to “once again listen to your shareholders and begin discussions with Alltel to create the best possible transaction for our respective investors and other constituencies.”
CenturyTel’s management, which has repeatedly refused the same offer since late July, has contended it only wants to sell its wireless assets. The company noted it has received offers from unnamed companies interested in those assets.
“Your letter does nothing more than urge us to reconsider the same proposal that our board unanimously determined, after careful consideration, was not in the best interest of CenturyTel,” said Post in a letter responding to Alltel. “There is no reason to reconsider that decision.”