KIRKLAND, Wash.-Nextel Partners Inc. said it will begin mailing definitive proxy material to all Class A stockholders related to a vote on exercising the “put right” that would require Sprint Nextel Corp. to acquire the 68 percent of Nextel Partners that it does not own currently. The “put right” was triggered by Sprint Corp.’s acquisition of Nextel Communications Inc. that closed last month.
Nextel Partners noted that if a majority of Class A common shares represented at the special stockholders’ meeting scheduled for Oct. 24 are in favor of exercising the “put right,” Sprint Nextel subsidiary Nextel WIP Corp. would be required to purchase all Nextel Partners Class A common shares at a “fair market value” plus a “put premium” that will be determined by an appraisal process.
Nextel Partners’ board of directors previously recommended company shareholders exercise the “put right.” Analysts expect the option to be approved by shareholders, with the acquisition closing early next year.
