Sprint Nextel Announces Preliminary Stock and Cash Consideration for Nextel Common Stock.RESTON, Va. -- Sprint Nextel Sprint Nextel Corporation (NYSE: S) is one of the largest telecommunications companies in the world. With 55 million subscribers, Sprint Nextel operates the third largest wireless telecommunications network in the United States (based on total wireless customers), behind Corporation (NYSE NYSE See: New York Stock Exchange :S) today announced that, in connection with the completion of the merger transaction between Sprint Corporation and Nextel Communications Nextel Communications, styled NEXTEL, (Former NASDAQ: NXTL) which is now known as the Sprint Nextel Corporation was a telecommunications firm based in the United States. Known for providing a nation-wide mobile communications system. , Inc. on Aug. 12, 2005, based on preliminary calculations, holders of Nextel common stock will receive approximately 1.2675 shares of Sprint Nextel common stock and approximately $0.8463 in cash in exchange for each share of Nextel common stock. The per share cash amount is based on the estimated cash ratio of 0.0325, multiplied by $26.04, the average of the per share closing prices of shares of Sprint series 1 common stock during the 20 trading day In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. period on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ending on (and including) the closing date. The actual stock exchange ratio, cash ratio and per share cash merger consideration are expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. on or before Aug. 17, 2005. The actual stock exchange ratio, cash ratio and per share cash merger consideration will be computed in accordance with the adjustments set forth in the merger agreement and will be based on, among other things, the actual number of shares of Sprint and Nextel stock outstanding immediately before the effective time of the merger. About Sprint Nextel Sprint Nextel offers a comprehensive range of wireless and wireline communications services to consumer, business and government customers. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks offering industry leading mobile data services; instant national and international push-to-talk capabilities; and an award-winning and global Tier 1 Internet backbone. For more information, visit www.sprint.com. |
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