TELECOMMUNICATIONS

Centel Corp. Shareholders OK Sprint Merger: The Chicago-based telephone company said its shareholders approved the proposed $2.8-billion merger with Sprint Corp., but dissident groups vowed to challenge the approval. Moran Asset Management of Greenwich, Conn., said it is challenging the vote because it is “disturbed by the manner in which Centel’s management handled the voting process.” Moran, whose clients own 328,276 Centel shares, or 0.4% of those outstanding, said it retained McKenzie Partners Inc. to verify the results. Eagle Asset Management also said it would challenge the vote. Opponents claim that Centel’s stock was undervalued in the deal. The terms of the deal put a value on Centel shares of $33.56 each, but they closed at $42.50 on the New York Stock Exchange the day of the announcement last May.