Sprint completes iPCS stock tender

1 Dec 2009

US mobile operator Sprint Nextel has announced the completion of a tender offer to buy outstanding iPCS stock as it moves towards completing its USD831 million takeover of the Illinois-based firm. The offer, which expired on 25 November, ended with Sprint purchasing 10.4 million shares of iPCS common stock for USD24 per share, equivalent to 62.8% of iPCS. Around 1.89 million more shares were promised to be delivered to Sprint, which conducted the tender offer through subsidiary Ireland Acquisition Corp. Sprint will now proceed to purchase newly issued shares in the operator as part of a ‘top-up’ option, giving it control of over 90% of iPCS equity. The ‘top-up’ is due to be completed by 4 December, leaving Sprint free to mount a full takeover and merger of operations the following Monday without requiring further shareholder permission. Sprint has also announced that it has received all necessary regulatory approvals required to proceed with the acquisition.

United States, Sprint Corporation (now part of T-Mobile US)