They say it will remain the same, but they are doubling the size of the company on paper. What they are doing is stealing shareholder equity based on the previous bad management. The load CTL is taking on is too big for the britches on current management, imho, so the dividend will vanish, just like it did at Cincinnati Bell. These are big boys playing with your toys, and they intend to bully and take some of them home.
It seems to me that we (CTL sharehoders) are being diluted. The net asset we are receiving is goodwill which to me is where you classify the portion of the purchase price that has nowhere else to go. You can't pay dividends from ghoodwill. I will vote against the proposed merger.
I feel comfortable with it as a div stock. Even if it has to be reduced (payout is 99% right now) it will still be a good deal.
I came to ctl in a round-a-bout way. Got free shares after the spin off from sprint, to embarq (then bought more shares), then the ctl merger, then bought more. Right now I'm even with my basis. If the companies have a happy marriage, this will be a much bigger player. :)