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.
Showing posts with label acquisition. Show all posts
Showing posts with label acquisition. Show all posts
Verizon Wireless has plans to cut redundant positions that have come about as a result of the aquisition of Alltel. The finance, marketing, and legal departments are currently in their radar. There is not word on an exact number of positions to be cut. Verizon did include that the employees are welcome to apply for other jobs within the Little Rock facility. Verizon Wireless is not cutting these jobs because of poor corporate performance. Unfortuneately merging two companies into one eliminates the need for two legal departments, two finance departments, and two sets of marketing people.
Verizon Wireless announced today that their new Friends and Family feature, an option resembling My Circle from Alltel will become available on February 15th. To qualify customers must be on a single line package with 900 or more minutes, or a family plan of 1400 or more minutes. Single line plans will receive 5 numbers, while family share subscribers will recieve 10 numbers. Calls to or from the designated numbers will not pull from your plan minutes. Customers will be able to change their calling list without additional fees. Changes made will occur the following day. Customers can sign up, or manage this option by accessing their account online. Verizon is expecting to offer a similar feature for business later this quarter.
Clearwire shareholders have approved the merger of their WiMax services with Sprint's Xhom. The FCC has already approved the merger. Both companies expect this merger to close by year end.
Texas Instruments has announced in their 3Q earnings meeting that due to slumping sales, 650 employees will be layed off, and TI will focus on trying to sell of their cellular base band chip division. The sale will save $200 Million a year in expenses.
