Sprint completes tender offer for iPCS shares

By Associated Press

Summary

Sprint Nextel Corp. has taken another step toward acquiring wireless affiliate iPCS Inc.

Story Published: Nov 27, 2009 at 10:07 AM PST

Story Updated: Nov 27, 2009 at 10:07 AM PST

Sprint completes tender offer for iPCS shares

FILE - In this Monday, Oct. 26, 2009 file photo, a sign hangs outside a Sprint store in Saugus, Mass. Sprint Nextel Corp. said Tuesday, Nov. 24, 2009, it has completed its $483 million acquisition of Virgin Mobile USA.(AP Photo/Lisa Poole, file)

OVERLAND PARK, Kan. (AP) - Sprint Nextel Corp. has taken another step toward acquiring wireless affiliate iPCS Inc.

The Overland Park-based carrier said Friday that more than 12 million iPCS shares, or a majority of the outstanding stock, had been tendered or promised by the tender offer's Wednesday deadline. Under the deal, iPCS shareholders will receive $24 per share.

Sprint said it will be able to acquire the remaining shares of iPCS by Dec. 7 without a vote of the affiliate's shareholders. The total deal is worth $426 million.

Schaumburg, Ill.-based iPCS has the exclusive right to sell wireless service under the Sprint brand in 81 markets in Illinois, Michigan, Pennsylvania, Indiana, Iowa, Ohio and Tennessee.