iPCS investor Gamco buys 6.4% stake ahead of Sprint Nextel merger

By Lisa Kerner

Charlotte, N.C., Nov. 16 - iPCS, Inc. shareholders led by Gamco Asset Management Inc. bought 1,058,950 shares for an initial 6.4% stake in the company, according to schedule 13D filed on Monday with the Securities and Exchange Commission.

The shares were acquired between Oct. 19 and Nov. 13 at prices from $23.8196 to $23.995 each, the filing said.

Sprint Nextel Corp. began a $24-per-share tender offer for iPCS' outstanding shares of common stock.

As previously reported, the offer will end at midnight ET on Nov. 25.

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

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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