MTA Board Accepts $187.5 Million ACS Offer.

• Position: Brief Article

The board of directors of Matanuska Telephone Association said they have entered into a definitive agreement, subject to member and regulatory approvals, to sell the assets of MTA to Alaska Communications Systems for $1875 million.

Under the bylaws of MTA, a special meeting of the members has been set for Sept. 19 to vote on the ACS proposal.

The transaction must be approved by no less than two-thirds of the members who vote, providing the number of members voting to approve it constitute a majority of the membership, or 50 percent plus one vote.

If MTA votes to accept the offer and regulatory approvals are secured, past and present members will receive more than $100 million in sale proceeds after debt is retired and transaction costs are deducted, MTA officials said.

"With the help of our advisors, we've spent the past 10 months negotiating with ACS to achieve the best...