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Chipmunks "Squeakquel" on DVD/BD March 30
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Late surge gives Zips ugly road win
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Blogmail response on Hafner
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Stallworth's contract terminated
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QB in Browns future: another mock draft
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KSU Notes – February 9
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NBA Power Rankings from Around the Internet
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Buckeyes grab 18 players on signing day
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Garfield at Buchtel basketball
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Republican Pre-Conditions
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Law, Love and Chocolate
Car Chase:
Collector Car Hobby Loses One of the Best—Jim Roll
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Decisions Decisions: Credit Cards or Your Mortgage?
Ohio Travels with Betty:
Loucile is looking for a Lake Erie getaway in June for three kids, ages 1, 3, and 5.
Sound Check:
Talk of the Town – Top entertainment picks for the weekend
HRLite House:
OFCCP Report
Akron Gamer:
Makers of 'Castle Crashers' unveil 'BattleBlock Theater'
See Jane Style:
Do IT this week: Layering
Published on Tuesday, Sep 16, 2008
Beacon Journal staff report
First Communications Inc. of Fairlawn announced on Monday that it has signed a merger agreement to give Renaissance Acquisition Corp. majority ownership of the telecommunications company.
The deal calls for the investment firm to initially acquire a 59.2 percent share in First Communications for about $249 million in stock and cash.
If financial targets in the pact are achieved in three years, current First Communications stockholders would get additional cash and stock that would make them majority owners of the combined company, said Jamie Rowlands, vice president of sales operations for First Communications.
Akron-based FirstEnergy Corp. owns a 13 percent stake in First Communications.
The merger is expected to close by the end of the year, Rowlands said.
At that time, First Communications will stop being traded on the Alternative Investment Market of the London Stock Exchange and instead seek to be listed for U.S. trading on the Nasdaq.
First Communications has about 390 employees, including 200 in the Fairlawn headquarters, Rowlands said.
The company intends to keep the same headquarters, staffing and leadership team after the merger, Rowlands said.
First Communications has more than 214,000 customers in the Midwest.
The company also is acquiring Globalcom, which serves Chicago-area businesses, for $58.5 million. That deal is expected to close in October.
Get the full article here.
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