WASHINGTON-Sprint Corp. and Nextel Communications Inc. reported that their respective shareholders plan to vote on Sprint’s pending $35 billion acquisition of Nextel on July 13. The votes will be cast at each carrier’s respective annual meetings scheduled for that day.
The deal calls for each Nextel shareholder to receive 1.3 shares in the new Sprint Nextel Corp. for each outstanding share of Nextel owned. Each shareholder will also receive an as-yet-undisclosed amount of cash for each Nextel share that Sprint had previously capped at a total of $2.8 billion.
Both companies said they expect the deal to be approved and the acquisition completed by the end of the third quarter.
