Complex sentence: Centel's stock was valued at $50 per share before the planned merger, but the cash value of the deal (commonly referred to as a "takeunder") worked out to be only $33.50 per share of Centel stock.
Split into simpler sentences: Centel's stock was valued at $50 per share before the planned merger. The cash value of the deal (commonly known as a "takeunder") worked out to be approximately $33.50 per share of Centel stock.