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NEW YORK-WinStar Communications Inc. agreed to purchase from private investors 14.9 percent of Advanced Radio Telecom Corp.’s outstanding common stock, which is about 3.3 million shares, said WinStar.
WinStar will issue one share of its common stock per every 2.2 shares of ART purchased, resulting in a purchase price of $17.39 per ART share, based on WinStar’s April 24 closing price-a 22-percent premium to ART’s market price on that date.
