Rochester,NY 8/22/2009 1:24:42 AM
CenturyTel, Inc. CTL, Rejection of Mini-Tender by TRC Capital Corporation has Recommended CenturyLink
CenturyTel, Inc.
CenturyTel, Inc. announced that it has notified of an unsolicited "mini-tender offer" by TRC Capital Corporation to purchase up to 3,000,000 shares of CTL common stock, representing approximately 1.01 percent of CTL's outstanding shares. TRC Capital's offer price of $29.95 represents, as TRC's own offer document acknowledges, a 4.98 percent discount to the closing price of CTL stock on July 29, 2009 ($31.52), the day prior to the date of the offer, and a 5.82 percent discount to yesterday's closing price of $31.80.
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