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  1.                                                                                 BUSINESS, Page 61Business NotesMERGERSDialing for Deals
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  5.     Some of the busiest telephone lines these days are those
  6. between phone-company executives putting together mergers. Last
  7. week the circuits were jammed, as giant GTE announced plans to
  8. acquire Atlanta-based Contel for $6 billion and form the
  9. nation's largest provider of local service and second-largest
  10. cellular-phone company. A shadow was cast over the agreement,
  11. however, when the Securities and Exchange Commission filed
  12. suit, charging that insiders had bought Contel stock before the
  13. accord was announced.
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  15.     Last December McCaw Cellular Communications agreed to
  16. acquire New York City-based LIN Broadcasting for $3.4 billion.
  17. Then in February Contel vaulted from 13th to sixth among
  18. cellular companies by acquiring McCaw's Southeastern operations
  19. for $1.3 billion. After the GTE announcement, investors snapped
  20. up stocks of other likely merger candidates, including Southern
  21. New England Telecommunications, Lincoln Telecommunications and
  22. Rochester Telephone.
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