01.03.2007 17:44:00
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Pennsylvania Public Utility Commission Approves Citizens' Acquisition of Commonwealth; Closing Expected to Occur First Half of March 2007
Citizens Communications Company (NYSE: CZN) and Commonwealth Telephone
Enterprises, Inc. (Nasdaq: CTCO), today announced that the Pennsylvania
Public Utility Commission approved the proposed acquisition of
Commonwealth by Citizens during its meeting held earlier today. This
completes all required regulatory approvals for the acquisition. The
parties anticipate that the transaction will close during the first half
of March 2007. The transaction is, however, still subject to certain
customary closing conditions.
About Citizens Communications Company (NYSE: CZN)
For more information about Citizens Communications, visit www.czn.com About Commonwealth Telephone Enterprises, Inc. (NASDAQ: CTCO)
For more information about Commonwealth, visit www.ct-enterprises.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. These statements are made on the basis of
management's views and assumptions regarding future events and business
performance. Words such as "believe,” "anticipate,” "expect”
and similar expressions are intended to identify forward-looking
statements. Forward-looking statements (including oral representations)
involve risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. The foregoing information
should be read in conjunction with Citizens’
and Commonwealth’s filings with the U.S.
Securities and Exchange Commission including, but not limited to,
reports on Forms 10-K and 10-Q. Citizens and Commonwealth do not intend
to update or revise these forward-looking statements to reflect the
occurrence of future events or circumstances.
Important Information for Investors and Stockholders
In connection with the proposed merger, on December 19, 2006, CTE filed
with the SEC the definitive proxy statement/prospectus, and Citizens
filed with the SEC a registration statement on Form S-4, of which the
definitive proxy statement/prospectus forms a part. On December 20,
2006, CTE filed with the SEC a revised definitive proxy
statement/prospectus, which includes a form of proxy but is otherwise
the same as the definitive proxy statement/prospectus filed on December
19, 2006. Investors and stockholders of CTE and Citizens are urged to
read the definitive proxy statement/prospectus and any other relevant
documents filed with the SEC because they contain important information
about the proposed merger. Investors and stockholders may obtain these
documents free of charge at the web site maintained by the SEC at www.sec.gov.
In addition, documents filed with the SEC by CTE are available free of
charge by directing a request to Commonwealth Telephone Enterprises,
Inc., 100 CTE Drive, Dallas, Pennsylvania 18612, Attention: Investor
Relations, and documents filed with the SEC by Citizens are available
free of charge by directing a request to Citizens Communications
Company, 3 High Ridge Park, Stamford, CT 06905, Attention: Investor
Relations.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
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