Legal Eagle Review News

Centennial recently announced their intent to sell the Company to AT&T, Inc for $8.50 a share, or $944 million in cash. The total value of the deal, including assumption of debt, is $2.8 billion. The transaction price may be unfair given that the Company's shares closed at $8.70 as recently as June 5, 2008 and analyst projections of at least $11 per share price target for Centennial stock. Compounding the merger price is a host of deal protection devices which protect AT&T at the expense of Centennial shareholders, including: (i) a no-solicitation provision that effectively prevents the Company from negotiating with or providing confidential Company information to competing bidders; (ii) a matching rights provision that allows AT&T up to three business days to match any competing proposal; (iii) a termination fee provision that obligates the Company to pay AT&T $28.5 million plus $7 million in expenses for a total of $35.5 million in the event a superior proposal is made and accepted; and (iv) a voting agreement that obligates the Company's largest shareholder, Welsh, Carson, Anderson & Stowe VIII, L.P. to vote its shares - representing 22.3% of the Company's outstanding shares - in favor of the Proposed Buyout. These factors, taken together, may inhibit the maximization of shareholder value.

If you currently own Centennial common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or Mr. Glenn at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative litigation.