Los Angeles-based IDB Communications Group Inc and Peoples Telephone Co Inc, Miamia have signed a letter of intent to merge: shareholders of Peoples will receive 1.1 shares of IDB common for each Peoples share, subject to possible adjustment based on the IDB price prior to closing; Peoples owns and operates some 50,000 public, inmate and cellular pay telephones in 46 US states; IDB is operates a domestic and international telecommunications network.
IDB COMMUNICATIONS GROUP AND PEOPLES TELEPHONE TO MERGE
