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King & Spalding Advises Sprint On $1.3 Billion Acquisition Of US Unwired
ATLANTA and NEW YORK, July 11 /PRNewswire/ -- King & Spalding LLP, a leading international law firm, today announced that it represented Sprint in its agreement with US Unwired, Inc. for Sprint to acquire US Unwired for approximately $1.3 billion.
Under terms of the agreement, Sprint will begin a cash tender offer to acquire all of US Unwired's outstanding common stock at a price of $6.25 per share. Following completion of the tender offer, any remaining shares of US Unwired will be acquired in a cash merger at the same price. Sprint also will acquire US Unwired's net debt, which was approximately $266 million as of March 31, 2005, in connection with the transaction. Shareholders with approximately 27.3 percent of the outstanding common shares of US Unwired have agreed to tender their shares pursuant to the tender offer and to vote their shares in favor of the merger.
The acquisition is subject to customary regulatory approvals and is expected to be completed in the third quarter of 2005. The boards of directors of both companies have unanimously approved the agreement.
As part of the agreement, Sprint and US Unwired will seek an immediate stay of litigation pending in U.S. District Court in Lake Charles, La., including US Unwired's request for an injunction to block the merger of Sprint and Nextel Communications, with a final resolution to become effective upon the closing of the acquisition.
US Unwired, based in Lake Charles, La., provides Sprint PCS services in nine states, serving more than 500,000 direct wireless subscribers in 48 markets. It employs about 600 people and had 2004 revenues of $408 million.
About King & Spalding LLP
King & Spalding LLP is an international law firm with more than 800 lawyers in Atlanta, Houston, London, New York and Washington, D.C. The firm represents more than half of the Fortune 100, and in a Corporate Counsel survey in October 2004 was ranked one of the top ten firms representing Fortune 250 companies overall. For additional information, visit http://www.kslaw.com/ .
King & Spalding LLP's Sprint Team
Partners: C. William Baxley, Michael J. Egan (Mergers & Acquisitions- Atlanta); Stephen M. Wiseman (Mergers & Acquisitions-New York); Robert G. Woodward (Tax-Atlanta); Dan S. McDevitt (Litigation-Atlanta); Donald S. Kohla (Employee Benefits & Executive Compensation-Atlanta); Charles H. Tisdale (Environmental-Atlanta)
Counsel: Paul G. Prince (Mergers & Acquisitions-New York); Donna C. Burchfield, Donna W. Edwards (Employee Benefits & Compensation-Atlanta)
Associates: Michele S. Traeger, Natalie E. Posteau, Bridget C. Foley, Allison A. Ames, James O. Moore, V (Mergers & Acquisitions-New York); David V. Christopherson, Chirag P. Shah, (Mergers & Acquisitions-Atlanta); John K. Sweet (Tax-New York); Belinda D. Jones (Litigation-Atlanta); Laura M. Nolen, Jan G. Marsh (Employee Benefits & Compensation-Atlanta)
King & Spalding LLP
CONTACT: Les Zuke, Head of Global Public Relations of King & SpaldingLLP, +1-212-827-4392 (office), +1-917-324-3339 (mobile) or lzuke@kslaw.com
Web site: http://www.kslaw.com/
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