TECHNOLOGY & TELECOMMUNICATIONS
From Times Staff and Wire Reports
IDB Communications, Peoples Telephone to Merge: Los Angeles-based IDB Communications Group Inc. and Peoples Telephone Co. of Miami signed a letter of intent to combine the two companies. In a joint news release, the companies said Peoples Telephone’s shareholders will receive 1.1 IDB common shares for each Peoples share, subject to adjustment according to IDB’s stock price prior to closing. As of March 31, Miami-based Peoples Telephone had about 15.8 million common shares outstanding and about 3.1 million common shares issuable upon the exercise of outstanding options and warrants, at an aggregate price of about $23 million.
