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Market Update : 
Verizon to Buy Rural Cellular for $2.7 B
Author: Elena Todorova
123jump.com
Last Update: 7:57 AM EDT July 30 2007


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Verizon Communications announced Monday it agreed to acquire Rural Cellular Cop. in a deal worth $2.7 billion, or $45 a share. The transaction represents a premium of $13.19, or 41% over Rural Cellular''s Friday close of $31.81 a share. Verizon also reported positive Q2 2007 financial results on higher margins and rising revenue in wireless, broadband, data, video and global IP markets.

 
8:00AM Verizon agreed to buy Rural Cellular for $2.7 billion.

Verizon Communications (VZ: chart) announced Monday it agreed to acquire Rural Cellular Cop. (RCCC: chart) in a deal worth $2.7 billion, or $45 a share. The transaction represents a premium of $13.19, or 41% over Rural Cellular''s Friday close of $31.81 a share. Rural Cellular surged 17.5% in pre-market trading.

Verizon Communications also reported positive Q2 2007 financial and operational results on higher margins and rising revenue in its wireless, broadband, data, video and global IP markets. Verizon earned of $1.7 billion, or 58 cents, much higher than 43 cents in last-year same period.
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