North Pittsburgh Systems Sold to Consolidated Communications

North Pittsburgh Systems, which has been under pressure to put itself up for sale in the past month, accepted an offer to sell the company to Consolidated Communications (CNSL) for $25 per share or 1.1061947 shares of Consolidated Communications stock.

Several funds with investments in the company, including Bulldog Investors, Monarch Activist Partners and Santa Monica Partners have been urging the company to consider a sale due to consolidation currently taking place in the rural local exchange carrier market. These investors believed that the company could fetch a price from $28.50 to $31.00 per share, so it remains to be seen if they will be satisfied with the offer from Consolidated Communications.

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