offered to buy
for $273 million in cash and stock if Conestoga breaks off a pending merger with
The new offer, which comes to $33 a share, tops Ntelos' offer, currently valued at $26.67 a share. The terms of the existing deal allow Ntelos 10 days to make a counteroffer or terminate the agreement for a $10 million breakup fee.
Ntelos said its board was reviewing its alternatives.
Shares of D&E were recently trading down 13% from Wednesday's close to $17.56 on the Nasdaq, while integrated communications provider Conestoga was up 23% to $30.01.