LITTLE ROCK, Ark.-Alltel Corp. set a July 21 deadline for Western Wireless Corp. shareholders to vote in favor of Alltel’s pending acquisition of Western Wireless if they want to receive consideration in cash or shares of Alltel common stock. Alltel noted that Western Wireless shareholders that miss the deadline will have no input into the consideration they will ultimately receive.
Alltel previously had reported that each share of Western Wireless stock will be exchanged for 0.535 shares of Alltel common stock and $9.25 in cash, and that Western Wireless shareholders would have the ability to make an all-stock or all-cash election. In aggregate, Alltel said it will issue about 60 million shares of stock and pay about $1 billion in cash. Alltel said it would also assume approximately $1.5 billion in net debt.
The deal recently received approval from the Federal Communications Commission and the Department of Justice, and is expected to close during the third quarter.
