Wednesday, September 17, 1997
PCI shareholders approve merger
Shareholders of Pittencrieff Communications Inc. of Abilene
Tuesday overwhelmingly approved the company's merger with Nextel
Communications Inc.
Warren Harkins, chairman, president and CEO of Pittencrieff,
called the vote an "anticlimactic" portion of the lengthy
merger process.
Investors voted 16.4 million shares in favor of the transaction
and only 111,000 against it. They will share proportionately in
the $170 million deal. Depending on the price of both companies'
stock at the close, investors will get one share of Nextel for
each three or four shares of Pittencrieff, said Pittencrieff CFO
Tom Modisett.
Completion of the merger is subject to approval by the Federal
Communications Commission. After the OK is received, there will
be a 40-day waiting period, Harkins said. He anticipates closure
by the end of November.
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Copyright ©1997,
Abilene Reporter-News / Texnews / E.W. Scripps. Publications
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