Sprint Announces Offer to Purchase iPCS' Shares

Wireless carrier Sprint Nextel has announced today that it has commenced its tender offer for the acquisition of all outstanding shares of common stock of iPCS, Inc. According to the carrier, the tender offer is the next step Sprint is taking towards acquiring iPCS, a move that was announced back on October 19, 2009. The company also says that it expects for the acquisition to be finalized either in late 2009 or at the beginning of 2010.

The cash tender has been commenced via one of Sprint's wholly-owned subsidiaries and includes all outstanding shares of iPCS common stock, priced at $24.00 per share, with no interest or applicable withholding taxes. According to Sprint, the iPCS board already recommended that the iPCS stockholders would accept the offer, tender their shares of iPCS common stock and adopt the merger agreement if needed.

“The tender offer is subject to conditions set forth in the offer to purchase, including a minimum share-tender condition; receipt of all applicable and required regulatory approvals; no change, condition, event or development having occurred that has resulted in, or would reasonably be expected to result in, a material adverse effect; and, the satisfaction or waiver of certain other conditions, each as described in, and subject to the terms and conditions of, the merger agreement for the acquisition,” Sprint also adds.

The wireless carrier further says that its offer for the acquisition of all outstanding shares of common stock of iPCS will expire on November 25, 2009 (at midnight, New York City time), except for the case when it will be extended. As soon as the payment of shares is accepted and the merger completed, Sprint will have yet another wholly-owned subsidiary, iPCS. Sprint and Ireland Acquisition Corporation disclosed the terms and conditions of the tender offer in the materials filed with the Securities and Exchange Commission (SEC).