Centurytel recently acquired Sprint spinoff Embarq in an $5.8 billion dollar deal, though filings indicate that Embarq rejected a higher offer. CenturyTel’s offer valued Embarq at $40.42 per share, a 36% premium, while the other mystery bidder offered $40.86, a 37% premium. Embarq took the lower offer. Embarq justified the selection of the lower offer by saying it provided $400 million in "annual synergies," and CenturyTel’s use of 700 MHz spectrum makes integration easier. It's not certain who the other mystery bidder was, but a likely candidate is Frontier Communications. Considering Frontier plans to implement 5GB caps, Embarq customers may have dodged a bullet.