NTELOS Holdings Corp. (NASDAQ: NTLS) said its shareholders have approved the previously announced merger agreement with Shenandoah Telecommunications company (NASDAQ: SHEN) and Gridiron Merger Sub, Inc.
Over 98 percent of the shares voting at the meeting were voted in favor of adopting the merger proposal, which represented over 69 percent of the company´s outstanding shares. Upon completion of the merger, NTELOS shareholders will receive USD9.25 per share in cash.
NTELOS expects that the proposed acquisition by Shentel will close in early 2016, subject to customary closing conditions. The proposed acquisition has received all necessary approvals from state regulatory bodies and the mandated waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was terminated early by the Federal Trade Commission on September 25, 2015.
NTELOS Holdings, operating through its subsidiaries as “nTelos Wireless,” is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for approximately 300,200 retail subscribers based in its Western Markets, comprised of western Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky.