Sprint Nextel to complete its acquisition of iPCS on or before Dec. 7

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Sprint Nextel Corp. completed its $24-per-share tender offer for all outstanding shares of iPCS, Inc. as planned on Nov. 25.

According to Sprint Nextel, a total of approximately 10.4 million shares, or about 62.8%, of iPCS' common stock were validly tendered and not withdrawn in the offer.

In addition, approximately 1.89 million shares were tendered by notice of guaranteed delivery.

All validly tendered shares have been accepted for payment, according to a Sprint Nextel news release.

Sprint Nextel said it expects its subsidiary, Ireland Acquisition Corp., to complete the "top-up option" on Friday, giving Sprint Nextel ownership of more than 90% of iPCS' outstanding shares of common stock.

A short-term merger to complete the acquisition will be completed no later than Dec. 7, said Sprint Nextel.

iPCS will become a wholly owned subsidiary of Sprint Nextel, and its shares will cease trading on Nasdaq.

Last week, Sprint Nextel announced it had received all regulatory approvals needed for its proposed acquisition of iPCS.

On Oct. 19, Sprint Nextel announced it will acquire iPCS in a deal valued at approximately $831 million, including the assumption of $405 million of net debt.

Based in Schaumburg, Ill., iPCS owns and operates Sprint Nextel's nationwide PCS network.

Sprint Nextel is an Overland Park, Kan.-based provider of wireless and wireline communications services.

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