14 DAY TRIAL // Sprint Nextel Corp. announced on Wednesday that it had received all of the required regulatory approvals to complete the already-announced purchase of regulatory iPCS, Inc. According to the company, the Federal Communications Commission approved on November 24 the “transfer of the spectrum license held by a subsidiary of iPCS.”
At the same time, Sprint Nextel also announced that, on November 23, the Public Service Commission of West Virginia “granted the joint petition of Sprint Nextel and iPCS for prior consent and approval of the acquisition and ownership of iPCS by Sprint Nextel.” These are said to be the only state public service commission approvals needed for the conditions to the tender offer to be satisfied.
The tender offer Sprint Nextel announced for the acquisition of all outstanding shares of the common stock of iPCS expired on Wednesday, November 25, at midnight EST. At the same time, the company also stated that the Hart-Scott-Rodino waiting period that was applicable to the transaction had expired on November 10.
“All other terms and conditions of the previously announced tender offer for all outstanding shares of the common stock of iPCS, which is being conducted through a wholly-owned subsidiary of Sprint named Ireland Acquisition Corporation, remain unchanged. The iPCS board has unanimously recommended that the iPCS stockholders accept the tender offer, tender their shares of iPCS common stock in the tender offer, and if necessary, adopt the merger agreement,” Sprint Nextel also stated.
Since the tender offer has been successfully closed, stockholders of iPCS are to receive $24.00 in cash for each of the iPCS common stock shares tendered in the offer, “without interest and less any required withholding taxes.” iPCS is expected to become a wholly owned subsidiary of Sprint Nextel as a result of the completion of the tender offer and merger. The purchase should be completed before the end of the ongoing year.