Two companies, both in the Low P/E Bin, have finalized a merger. They're both phone companies, now more genteely known as "Communications Services." The initiator is CenturyTel, and the mergee is Embarq. The new, combined entity is going to be named "CenturyLink," although it'll keep CenturyTel's symbol CTL. Embarq has already stopped trading.
I have this suspicion that CTL will be in the Low P/E Bin for some time, unless it gets dumped out through an earnings bobble. The merger's just over, and the CEO is musing about buying another company in about a year or so.