Vincent Declines FairPoint Offer for Germantown.CHARLOTTE, N.C. -- Vincent Acquisition Corporation, a member of the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). family of companies, announced today it has declined FairPoint Communications' offer to acquire The Germantown Germantown, residential section of NW Philadelphia, Pa. Settled by Dutch and Germans in 1683, Germantown became one of the earliest printing and publishing centers in the country. Independent Telephone Company and has submitted its proxy voting Proxy voting is the delegation to another member of a voting body of that member's power to vote in his absence. It is essentially synonymous to delegated voting. Proxy voting is commonly used in corporations for voting by members or shareholders, because it allows members against the proposed merger. Patrick L. Eudy, President and Chief Executive Officer of Vincent, said, "We have approached this process with the goals of giving shareholders an attractive price for their shares while ensuring the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. viability of Germantown Telephone as a community-focused telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. provider. Since most of Germantown's shareholders are also residents of Germantown and telephone company customers, we believe it is important that shareholder interests are balanced with customer, employee and community economic concerns." "Our plan is to invest in Germantown's network to bring advanced services to the community, improve customer service, and provide a growth-oriented work environment for the current management and employees. The Board of Directors refused to negotiate directly with Vincent and effectively excluded us from the auction process by imposing participation terms that were inconsistent Reciprocally contradictory or repugnant. Things are said to be inconsistent when they are contrary to each other to the extent that one implies the negation of the other. with our duties under securities laws. As Germantown Telephone's largest shareholder, we believe that the auction process, in which we did not participate, has resulted in a merger agreement which does not best satisfy the long-term interests of Germantown Telephone's shareholders, its customers, its employees, and its community. Therefore, we have voted against the merger." About American Broadband The primary business of American Broadband is to acquire small, local exchange carriers. They maintain local management and existing employees to ensure continuing high levels of customer and community support, while adding resources and technology to foster growth and improve access to advanced services. Their long-term view allows them to invest in community development and advanced network infrastructure to create a future of growth for their companies and the communities and people they serve. |
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