14 DAY TRIAL // Sprint Nextel Corporation announced on Friday that it had managed to successfully complete the tender offer for all common stock outstanding shares of iPCS, Inc. According to the company, its offer was made through a Sprint Nextel wholly-owned subsidiary, Ireland Acquisition Corporation, and has expired on November 25, 2009 at midnight EST.
The company also stated that a number of around 10.399 million shares of iPCS common stock had been tendered and not withdrawn at the end of the offer. Moreover, Sprint also notes that the number of share accounts for around 62.8 percent of common stock of iPCS as of November 25, 2009. Additionally, 1.893 million shares were said to have been “tendered by notice of guaranteed delivery.”
“In accordance with the previously announced merger agreement with iPCS, Sprint, through Ireland Acquisition Corporation, exercised the “top-up” option allowing it to increase its share ownership percentage of iPCS through the purchase of newly-issued shares of iPCS common stock at $24.00 per share, the same price paid in the tender offer. Sprint expects to complete the “top-up” on Friday, December 4, 2009,” Sprint stated.
As soon as the transaction will be completed, Ireland Acquisition Corporation should become the owner of around 90 percent of the outstanding shares of iPCS common stock. Moreover, a merger with iPCS is expected to be made as soon as Monday, December 7, 2009 arrives. The merger will be operated without the need of a vote from iPCS' shareholders, Sprint added.
“In the merger, Sprint will acquire all iPCS shares not previously tendered (other than those as to which holders properly exercise appraisal rights under applicable Delaware law) at the same $24.00 per share price that was paid in the tender offer, net to the holder in cash, without interest and less any required withholding taxes. Following the merger, iPCS will become a wholly-owned subsidiary of Sprint Nextel, and iPCS shares will cease to be traded on NASDAQ,” the company also added.