Iowa Telecom Settles Suit Over $1.1B Merger

Law360, New York (February 9, 2010, 3:31 PM EST) -- Iowa Telecommunications Services Inc. has agreed to settle shareholder suits that accused the company's executives of undervaluing the firm when they decided to sell the company to Windstream Corp. in a $1.1 billion deal.

No money will change hands as part of the settlement, but Iowa Telecom agreed to make certain revisions to the proxy statement to be mailed to the company's shareholders in connection with the merger's approval. It is scheduled to close in the middle of the year.

The company announced the settlement Monday....
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