NEW YORK-Price Communications Corp. reported that its board of directors has authorized the company to purchase up to 3 million additional shares of its common stock from time to time in the open market or in private transactions.
“In light of our performance and recent valuations of companies in the wireless communications sector, our board of directors believes that the shares are attractively priced and that the proposed purchases will be in the best interest of the company and its shareholders,” said Robert Price, president and chief executive officer of Price Communications.
Price recently entered an agreement with Verizon Wireless to acquire its Price Communications Wireless subsidiary in a stock transaction. Verizon will assume $550 million in net debt and pay the remaining purchase price of $1.5 billion in stock based upon the price of Verizon Wireless stock at its initial public offering scheduled for sometime this year.
