Centel Sees $1.4-Billion Deal: Centel Corp. said...

Centel Sees $1.4-Billion Deal: Centel Corp. said it expects to sell its cable television division this month for more than $1.4 billion and use the proceeds to pay a special dividend to stockholders. Pressured by a takeover effort headed by investor Asher B. Edelman, the company said last year that it was planning to sell the cable unit and expand its telephone and cellular communications operations. Centel said it signed non-disclosure agreements with the bidders for its Centel Cable Television Co., of which it is the 82.4% owner, and declined to identify the parties. The company said it would pay its Class A shareholders a special cash dividend of $45.625 a share from the proceeds of the transaction, for which it expects to realize a $525-million net gain.