Source: Frontier Press Release
Frontier Communications Corporation (NYSE:FTR) announced that its shareholders have overwhelmingly voted to adopt the merger agreement pursuant to which Frontier has agreed to acquire Verizon Communications Inc.’s (NYSE:VZ) local exchange businesses in 14 states and certain related customer relationships for long distance services, broadband Internet access and broadband video. The shareholders also voted to approve an amendment to Frontier’s restated certificate of incorporation to increase the number of authorized shares of Frontier common stock, and to approve the issuance of Frontier common stock pursuant to the merger agreement.
”This is a resounding vote of support from our shareholders,” said Maggie Wilderotter, Chairman and CEO of Frontier. “This acquisition will be transformational for Frontier, giving us greater scale, a balance sheet approaching investment grade, and a fantastic platform for growth. Shareholder approval marks an important milestone in the transaction process, and we’re on track for closing during the second quarter of 2010. Our entire team is hard at work with their counterparts at Verizon to ensure a successful integration. All of us at Frontier are looking forward to providing great products and services to our new customers and to welcoming our new employees."