Century Telephone Enterprises, Inc. declares quarterly dividend; updates shareholder rights plan.MONROE, La.--(BUSINESS WIRE)--Aug. 27, 1996--Century Telephone Enterprises, Inc., (NYSE NYSE See: New York Stock Exchange Symbol: CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ), today announced that its Board of Directors declared a quarterly dividend payment of $.09 per share of Common Stock, payable September 20, 1996, to shareholders of record on September 6, 1996. The Board also adopted an updated shareholder rights plan to replace the existing plan which expires in late November 1996. The Board of Directors originally adopted a shareholder rights plan in November 1986 to protect shareholder interests in the event the Company was faced with a takeover initiative that would deny shareholders the full value of their investment. Century Telephone has no knowledge that anyone is considering a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. of the Company. The new Rights are similar in purpose and effect to the existing Rights, and are intended to enable all shareholders to realize the long-term value of their investment in Century Telephone. The new Rights, which will be issued as a dividend on November 1, 1996 to each common shareholder of record on September 30, 1996, will be exerciseable only if a person acquires, or announces a tender offer which would result in ownership of, 15% or more of the Company's common stock. The Board of Directors will be authorized in certain circumstances to lower this 15% threshold to not less than 10%. The initial exercise price will be $110 per Right. The Rights will expire on November 1, 2006, unless redeemed or exchanged at an earlier date. A summary of the updated rights plan will be sent to shareholders in November. Century Telephone Enterprises, Inc., headquartered in Monroe, Louisiana The city of Monroe is the parish seat of Ouachita Parish, in the US state of Louisiana. [1] [2] It is the principal city of the Monroe, Louisiana Metropolitan Statistical Area (pop. , is a diversified telecommunications company See telecom company. . Century is the 16th largest U.S. local exchange telephone company based on access lines, and the 15th largest U.S. cellular U.S. Cellular (NYSE: USM) is a super-regional cellular telephone provider, serving 5.8 million customers in 189 markets in 26 U.S. states. The company was created in 1983 as a subsidiary of Telephone and Data Systems, Inc. Since April 2000, John E. company based on population equivalents owned. CONTACT: Century Telephone Enterprises, Inc., Monroe Jeffrey S. Glover, 318/388-9648 |
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