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Sprint Nextel announces receipt of all regulatory approvals to acquire iPCS

Posted on: Thu, 26 Nov 2009 03:28:00 EST

Symbols: S, IPCS

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On Tuesday the Federal Communications Commission approved the transfer
of the spectrum license held by a subsidiary of iPCS. The Public
Service Commission of West Virginia had also granted the joint petition
of Sprint Nextel and iPCS for prior consent and approval of the
acquisition and ownership of iPCS by Sprint Nextel.

The company said that now no other state public service commission
approval is required to satisfy the conditions to the tender offer.
Also, the Hart-Scott-Rodino waiting period applicable to the
transaction expired on 10 November 2009.
A
All other terms and conditions of tender offer for all outstanding
shares of the common stock of iPCS, which is being conducted through
Ireland Acquisition Corporation, a wholly-owned subsidiary of Sprint,
named remain unchanged.

The iPCS board has reportedly unanimously recommended that the iPCS
stockholders accept the tender offer, tender their shares of iPCS
common stock in the tender offer, and if necessary, adopt the merger
agreement.

The tender offer expired at midnight EST on Wednesday.

Upon the successful closing of the tender offer, which is expected to
be completed in the fourth quarter of 2009, stockholders of iPCS will
receive USD24.00 in cash for each share of iPCS common stock tendered
in the tender offer, without interest and less any required withholding
taxes.

Following the completion of the tender offer and merger, iPCS will
become a wholly-owned subsidiary of Sprint Nextel.

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For full details on Sprint Nextel Corp (S) S. Sprint Nextel Corp (S) has Short Term PowerRatings at TradingMarkets. Details on Sprint Nextel Corp (S) Short Term PowerRatings is available at This Link.

For full details on iPCS Inc (IPCS) IPCS. iPCS Inc (IPCS) has Short Term PowerRatings at TradingMarkets. Details on iPCS Inc (IPCS) Short Term PowerRatings is available at This Link.

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