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"FairPoint is the seventh- largest local telephone firm in the United States, following its acquisition of Verizon's northern New England assets. It operates in 18 states serving 1.4 million access lines, though nearly 90% of these are in Maine, New Hampshire, and Vermont. The firm was founded in 1991 and has its headquarters in Charlotte, N.C."

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FairPoint Communications > Frontier agrees to higher bid from Eldorado

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Post by RedMars on Jun 21, 2008 1:34am

Frontier agrees to higher bid from Eldorado

The Globe and Mail

BUSINESS TICKER: NORTH AMERICA: MINING: METALS
Frontier agrees to higher bid from Eldorado

Reuters

June 19, 2008

Frontier Pacific Mining Corp. has agreed to a sweetened bid from Eldorado Gold Corp., the companies said yesterday, paving the way for the takeover deal to proceed. In addition to the original offer of 0.122 Eldorado shares for each Frontier share - worth about $170-million at current prices - shareholders will also receive one exchange receipt per Frontier share, which entitles them to 0.008 of an Eldorado share. The exchange receipt is conditional on the Greek Joint Ministerial Council approving environmental terms for Frontier's Perama Hill gold project by July 1, 2009. Perama is Frontier's main asset. Factoring in the exchange receipt, Eldorado's offer values each Frontier share at $1.09, and the company at $179-million, according to Reuters data. FRP (TSXV) rose 3 cents to $1.03 and ELD (TSX) rose 9 cents to $8.56.

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