Sprint Approved To Buy IPCS

Posted by Kallan Dahn Wednesday, November 25, 2009

In a soon to be landmark day for Sprint, its full steam ahead as Sprint recieves all regulatory approvals required to tender their offer on IPCS.    On November 23rd the Public Service Commission of West Virginia granted their blessing over the transaction following a joint petition filed by the two companies.  November 24th brought about the approval of the FCC, and on November 10th the Hart-Scott-Rodino waiting period  applicable to the transaction completed.   The Hart-Scott-Rodino act is an ammendment to the Anti-Trust laws to the United States.  The ammendment requires companies to file a notice with the FTC, and the Assistant Attorney general of the anit-trust division of the Department of Justice with the description of the transaction and all parties involved.  This required waiting period on this act as it pertains to this transaction expired November 10th. All provisions of the previous tender offer will remain unchanged, and will be conducted by Ireland Aquisition Corporation, a wholly-owned susidiary of Sprint.  The offer is set to expire Midnight tonight (11/25/2009).  The existing offer will provide IPCS shareholders with $24 cash (less any required withholdings and taxes) for each share of IPCS stock.  Boardmembers of IPCS have unanimously urged their shareholders to cash in their stock, and where nessesary adopt the merger agreement.  Following a completion of the tender offer IPCS will become a wholly-owned subsidiary of Sprint Nextel.  Completion is anticipated prior to the end of 2009.

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