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Article: Alltel'stealing' 360 Degrees, telecom analyst says. (Alltel Corp.; 360 Degrees Communications Co.; Sal Muioio of S. Muoio and Co.)(includes related article on Alltel's board of directors)
- Article from:
- Arkansas Business
- Article date:
- May 18, 1998
- Author:
CopyrightCOPYRIGHT 1998 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The $31 per share that Alltel Corp. plans to pay for Chicago-based cellular telephone company 360 [degrees] Communications Co. is startling low and serves as an open invitation for a large leveraged buy-out firm to outbid Alltel and swipe its prize, a telecommunications industry analyst says.
"Alltel is stealing 360 [degrees]," says Sal Muoio of S. Muoio & Co. in New York City. "360 [degrees] is worth $50 a share ... It's almost beyond me that you could reach the conclusion that it's beneficial to [average] 360 [degrees] shareholders."
Muoio isn't alone in this conviction. Shortly after the $6 billion deal was announced in March, 360 [degrees] shareholder Max ...