Iowa Telecommunications Services, Inc. (NYSE:IWA) has announced that it has reached a tentative settlement of the shareholder litigation with Windstream Corporation. The litigation concerns the company’s acquisition by Windstream. Following the announcement of the merger on November 24, 2009, IWA shareholders filed putative class action lawsuits challenging the merger and certain terms of the agreement. Both Iowa and Windstream deny violating any law or breaching any duty to IWA shareholders. The litigation is not expected to delay the closing of the merger anticipated to close during mid 2010.
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Iowa Telecommunications Services, Inc. (Iowa Telecom) is a provider of wireline local exchange telecommunications services to residential and business customers in rural Iowa, Minnesota and Missouri. The Company operates 294 telephone exchanges serving 423 communities as the incumbent local exchange carrier and provides wireline services in approximately 67% of these communities. In addition, Iowa Telecom provides service to residential and business customers throughout Iowa and Minnesota as a competitive local exchange carrier. In total, the Company provides services to approximately 242,100 access lines. In July 2009, the Company completed the acquisition of all the assets of Sherburne Tele Systems, Inc. In November 2009, the Company completed its acquisition of WH Comm, a division of Wright-Hennepin Cooperative Electric Association.
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