iPCS (IPCS) to Settle Shareholder Lawsuit Related to Sprint's Purchase
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iPCS Inc. (NASDAQ: IPCS), a PCS Affiliate of Sprint Nextel Corporation (NYSE: S), today announced that it has reached an agreement with the plaintiffs to settle the claims asserted in the putative shareholder class action lawsuits related to Sprint Nextel's proposed acquisition of iPCS. The cases are being heard in the Circuit Court of Cook County, Illinois.
On November 17, 2009, iPCS and the other defendants and the plaintiffs in the lawsuits executed a memorandum of understanding to settle all claims asserted in the lawsuits, subject to the execution of a stipulation of settlement, notice to iPCS shareholders and approval by the Circuit Court of Cook County, Illinois. The memorandum of understanding provides, among other things, that iPCS shall make supplemental disclosures to its Solicitation/Recommendation Statement on Schedule 14D-9. Later today, iPCS will file an amendment to its Schedule 14D-9 with the Securities and Exchange Commission (SEC) to make such disclosures.
On October 28, 2009, Sprint Nextel commenced its tender offer to acquire all the outstanding shares of common stock of iPCS at a price of $24.00 per share in cash. The tender offer is scheduled to expire at 12:00 midnight, New York City time, on Wednesday, November 25, 2009, unless it is extended. The iPCS board of directors has unanimously recommended that iPCS shareholders accept the tender offer, tender their shares of iPCS common stock in the tender offer, and if necessary, adopt the merger agreement.
Complete terms and conditions of the tender offer are set forth in the offer to purchase, letter of transmittal and other related materials filed with the SEC by Sprint Nextel and Ireland Acquisition Corporation on October 28, 2009 with the tender offer statement on Schedule TO, as amended.
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