iPCS recommends stockholders tender shares in Sprint Nextel offer

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Sprint Nextel Corp. began its $24-per-share tender offer for all the outstanding shares of common stock of iPCS, Inc.

The offer will end at midnight ET on Nov. 25, according to a Sprint Nextel news release.

iPCS' board of directors unanimously recommended that the company's shareholders accept the offer and tender their shares, the release said.

On Oct. 19, Sprint Nextel announced it will acquire iPCS in a deal valued at approximately $831 million, including the assumption of $405 million of net debt.

The transaction is expected to close either late in the fourth quarter of 2009 or early in 2010, Sprint Nextel said.

Based in Schaumburg, Ill., iPCS owns and operates Sprint Nextel's nationwide PCS network.

Sprint Nextel is an Overland Park, Kan.-based provider of wireless and wireline communications services.

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