Sprint completes tender offer for iPCS shares

AP News
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Posted: Nov 27, 2009 12:02 PM

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.