MANDA Update

The continuing AT&T/CYCL Soap-Opera
The planned acquisition of Centennial Communications (CYCL) by AT&T (T)  is being extended. According to the companies, AT&T is still in discussion with the Department of Justice (DOJ) for regulatory approval of the acquisition. The deal was announced in November 2008 whereby Centennial shareholders would get $8.50 per share in cash. Shareholders approved the deal in February. AT&T said the two companies remain committed to closing the deal as soon as possible.

Believe what you want, but I’m still holding my shares in the MANDA Fund. If you can take AT&T at its word, then buying in today would be a good thing. I do think they really want this company but if the DOJ gives them a major hassle, they could drop their offer and play the waiting game.

In other news, I haven’t made any new M&A acquisitions because there has been nothing worth the while. Most of the recent offerings have involved stock swaps and I’m loathe to invest in them until closing time when there’s a reasonable chance of guessing the direction of the stock of the acquiring company.

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