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 Financial Advisor to the Company, and rendered a fairness opinion, in connection with the sale of Community Service Telephone Company to FairPoint Communications, Inc. for approximately $31 million. (pending)
Community Service Communications, Inc. ("CSC" or the "Company"), dba Commtel, is a publicly-traded holding company whose subsidiaries provide telecommunications services in northern New England. The Company's principal operating subsidiary is Community Service Telephone Company ("CST"), an incumbent local exchange carrier headquartered in Winthrop, Maine, with approximately 13,000 access lines.
CSC retained Chanin in September 2002 to assist the board of directors in evaluating strategic alternatives and to solicit and evaluate bids for the Company or its assets.
Chanin, leveraging its knowledge of industry participants and contacts in the private equity community, marketed the Company to strategic and financial buyers and generated significant interest in the Company's assets.
Chanin was able to structure a transaction which will generate approximately $15 per share in proceeds when CSC's stock was previously trading at approximately $5 per share.
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