Lynch Interactive makes friendly bid for Conestoga

Lynch Interactive sent a letter to Conestoga Enterprises yesterday to purchase the company for about $273 million, or $33 per share. The bid is for all outstanding shares of Conestoga stock, minus breakup fees to be paid to D&E Communications by Conestoga.

The all-cash deal is considered to be superior to the cash-and-stock deal Conestoga, a provider of telephone and Internet service in southern and central Pennsylvania, recently made with D&E.

Lynch Interactive is the third rural telephone company to bid for Conestoga’s assets. Conestoga recently terminated its merger agreement with NTELOS to accept an unsolicited bid from D&E.

Lynch Interactive said it would not proceed with the bid until it receives notice from Conestoga’s board of directors.

--Amalia D. Parthenios, staff writer