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American Tower to merge with SpectraSite in $11B deal |
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Written by Leon D. Zetekoff, NCE
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Wednesday, 04 May 2005 |
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Amended from RCRNews: American Tower Corp. and SpectraSite Inc. announced they have agreed to merge in an $11.3 billion stock-for-stock transaction. The combination would create the largest tower company in North America with a site portfolio that exceeds 22,000 towers. The merger agreement calls for SpectraSite shareholders to receive 3.575 shares of American Tower Class A common stock for each common share of SpectraSite. Both companies' boards of directors have already approved the deal. Further approval is needed from American Tower and SpectraSite shareholders.
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