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EAGLE NOTES $39 STAND-ALONE TRADING VALUE FOR CENTEL CALLS FOR REVISION OF COMPANY'S $29 ESTIMATE

 ST. PETERSBURG, Fla., Nov. 24 ~PRNewswire~ -- Herb Ehlers, president of Eagle Asset Management, Inc., today issued the following statement:
 "Centel seems to believe that time has stood still since May 1992 when its investment advisers estimated Centel's normalized trading value of $29 as an independent company. In fact, since then, investors have made a significant upward adjustment to the public market values of Centel's peer group. We believe the markets rerating of Centel's peer group causes Centel's use of the May figure to be misleading to shareholders.
 "We challenge Centel's repeated assertion that by remaining independent, '...Centel's stock price would trade normally at $29 or lower," said Herb Ehlers, president of Eagle Asset Management.
 "Also, Centel ignores the transfiguration of its prospects for a favorable public market value due to the recent AT&T and McCaw Cellular announcement. We believe investors' interest in Centel as an independent company or a restructuring candidate will lead to a higher stock price than might have been expected in May 1992.
 "Our view that Centel's $29 figure is now misleading finds independent support. 'If the deal falls apart...we think Centel is worth $39...,' Joel Gross, Donaldson Lufkin & Jenrette, Nov. 23, 1992. We agree.
 "Given this change in circumstances, it is incumbent on Centel's board, as fiduciaries, to do their best to cause Sprint to revisit the issue of price. As a shareholder, we must vote 'No' to the merger under the current terms. We will do so."
 -0- 11~24~92
 ~CONTACT: David Shell of Eagle Asset Management, Inc., 813-573-2453, or Herbert A. Denton of Providence Capital, Inc. 212-888-3200, for Eagle Asset Management, Inc.~
 (CNT)


CO: Eagle Asset Management, Inc.; Centel Corporation ST: Florida, Illinois IN: TLS SU:

AH-OS -- NY067 -- 1222 11~24~92 16:10 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:294
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