The proposed reverse takeover of Contel Corp, Atlanta by Communications Satellite Co of Clarksburg, Maryland 0.93 of a share of a new class of Comsat shares for each Contel, has now been approved by both sets of shareholders. The proposal, valuing Contel at $2,310m, must now be approved by the Federal Communications Commission and several state regulatory bodies before it can become effective, but is expected to be completed by mid-year. Contel will become a unit of Comsat, but the combined company will be under the control of Contel management if all the required approvals are granted.
HOLDERS OF BOTH APPROVE CONTEL-COMSAT
