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Sprint Nextel complets tender offer for iPCS
(M&A Navigator Via Acquire Media NewsEdge) US wireless network operator Sprint Nextel (NYSE:S) said on Friday it has successfully completed the tender offer for the acquisition of sector player iPCS (NASDAQ:IPCS) via its wholly-owned subsidiary Ireland Acquisition Corporation.
A total 10.399 million iPCS shares accounting for 62.8% of the company's stock were validly tendered as of 25 November. In addition, nearly 1.893 million shares were tendered by notice of guaranteed delivery, Sprint Nextel said in a statement.
Sprint has also exercised an option, in order to raise its ownership of iPCS through the acquisition of newly-issued iPCS shares at USD24 (EUR16) per share which is expected to be completed on 4 December. As a result, Ireland Acquisition Corporation will own over 90% of iPCS and will merge with iPCS by 7 December. Following the merger, iPCS will become a wholly-owned subsidiary of Sprint Nextel and will cease trading on the NASDAQ.
Citigroup Global Markets is acting as Sprint Nextel's financial advisor, while its legal advisor is King & Spalding LLP. UBS Investment Bank and Morgan Stanley & Co (NYSE:MS) are serving as financial advisors to iPCS and Mayer Brown LLP acts as legal advisor.
Country: USA
Sector: Telecommunications
Target: iPCS Inc
Buyer: Sprint Nextel Corporation
Type: P2P
Status: Closed
Buyer advisor: Citigroup Global Markets; King & Spalding LLP
Vendor advisor: Mayer Brown LLP; Morgan Stanley & Co; UBS Investment Bank
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(c) 2009 M2 COMMUNICATIONS
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