RESTON, Va.-Sprint Nextel Corp. said that Nextel Communications Inc. common stockholders will receive nearly 1.27 shares of Sprint Nextel stock and 84.63 cents in cash in exchange for each share of Nextel common stock owned in connection with Sprint Corp.’s recent acquisition of Nextel.
Sprint Nextel said the per-share cash amount was based on an average of the per-share closing price of $26.04 of Sprint’s series 1 common stock during the 20 trading days prior to the acquisition closing Aug. 12.
The exchange agent UMB Bank N.A. will send a letter to each holder of Nextel common stock with instructions on how to obtain the merger consideration.
