Sprint announced today that they intend to move forward with the tender offer they have placed on IPCS. If the deal goes through standard regulatory approvals, it would mean IPCS will become a wholy owned subsidiary of Sprint Nextel Corp. This would also end the massive legal battles that have been flying between the two companies since Sprint purchased Nextel a few years ago. Sprint will purchase all reamaining shares of IPCS common stock at a price of $24.00 per share. Provisionaly IPCS stock holders have a withdrawl right that will last until Midnight (NY time) November 25th 2009. Sprint expects the aquisition to complete late 4th quarter 09 to early first quarter 2010. This offer is expected to move very quickly.
The ramifications of for Sprint to become a wholy owned company are imense. This will hopefuly allow them to stay out of court and stop putting dumping useful resources into the trash can. The liquidity it will offer the company to regain a competitive position in the market place is phenomenal. No more device issues, consolidated customer care centers, one set of rules. Sprint has been working so hard to improve their customer care, and this is just the ticket to bail out their efforts.
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