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Saturday, 23 December 2006 |
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By WILLIAM LANEYManaging Editor Telephone Service Co. directors announced Friday plans toreview the company's value and gauge outside interest in purchasingthe Wapakoneta-based telecommunications company, TSC President LonniePedersen says in a news release.
Board members approved hiring JSI Capital Advisers, a firmspecializing in transactions and valuations of rural independenttelephone companies to assist board members determine interest from anumber of companies that may be interested in making an offer toacquire TSC. "This strategic review process is expected to take at least60 days," Pedersen said in the news release to the Wapakoneta DailyNews. "While the review is underway, the company and its employeeswill continue to pursue the company's ongoing business plan as TSCcontinues to deliver the best service and products in themarketplace." Pedersen said there are no assurances that TSC will receiveor accept any offers, but TSC board members "believe that such asolicitation is a key part of its strategic review process." Board members advised shareholders Friday that an in-depthreview and evaluation of strategic alternatives would be conducted. The letter advised shareholders that "TSC is performingwell," "the telecommunications in-industry is in a period of excitingtechnological change and development," TSC, as Ohio's second largestprivately owned telephone company by revenue, is an "attractiveinvestment," and "given the very limited trading market for TSC'scommon share, the board is aware that a number of long-termshareholders are interested in a transaction or transactions thatwould make their investment more liquid." |
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Last Updated ( Tuesday, 26 December 2006 )
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