Alltel Corp. has offered to acquire CP...

Alltel Corp. has offered to acquire CP National of San Francisco, a telephone, gas and utility concern. Alltel, a Hudson, Ohio, telephone company, is offering 1.1 shares of its common stock for each common share of CP National. Based on recent trading, Alltel’s offer is effectively about $36 to $38 a share for CP National stock that has been been trading at about $32. A CP National spokeswoman said the company would not comment on the offer until after it was considered by its board and shareholders.