Nextel Partners, Inc. (NASDAQ: NXTP) announced today
that it will be commencing the mailing of its definitive proxy
materials to all Nextel Partners Class A stockholders to vote on
exercising the "put right" provided by the certificate of
incorporation. The ability to exercise this put right was triggered by
the recently completed merger of Nextel Communications, Inc. and
Sprint Corporation.
If a majority of the Nextel Partners Class A common shares represented at the special stockholders meeting are voted in favor of exercising the put right, Nextel WIP Corp., a wholly owned subsidiary of Nextel Communications, would be required to purchase all outstanding shares of Nextel Partners' Class A common stock at a fair market value price determined under an appraisal proceeding that is described in the proxy materials.
The special committee of Nextel Partners' Board unanimously recommends that Nextel Partners shareholders vote in favor of exercising the put right at the special meeting.
Nextel Partners Class A shareholders of record as of September 9, 2005 will be entitled to vote at the special meeting, which has been scheduled for 10:00 am PT on October 24, 2005. The meeting will be held at the Hyatt Regency in Bellevue, Washington.
About Nextel Partners
Nextel Partners, Inc., (Nasdaq: NXTP), a FORTUNE 1000 company based in Kirkland, Wash., has exclusive rights to offer the same fully integrated, digital wireless communications services offered by Nextel Communications (Nextel) in mid-sized and rural markets in 31 states where approximately 54 million people reside. Nextel Partners and Nextel together offer the largest guaranteed all-digital wireless network in the country serving 297 of the top 300 U.S. markets. To learn more about Nextel Partners, visit www.nextelpartners.com.
If a majority of the Nextel Partners Class A common shares represented at the special stockholders meeting are voted in favor of exercising the put right, Nextel WIP Corp., a wholly owned subsidiary of Nextel Communications, would be required to purchase all outstanding shares of Nextel Partners' Class A common stock at a fair market value price determined under an appraisal proceeding that is described in the proxy materials.
The special committee of Nextel Partners' Board unanimously recommends that Nextel Partners shareholders vote in favor of exercising the put right at the special meeting.
Nextel Partners Class A shareholders of record as of September 9, 2005 will be entitled to vote at the special meeting, which has been scheduled for 10:00 am PT on October 24, 2005. The meeting will be held at the Hyatt Regency in Bellevue, Washington.
About Nextel Partners
Nextel Partners, Inc., (Nasdaq: NXTP), a FORTUNE 1000 company based in Kirkland, Wash., has exclusive rights to offer the same fully integrated, digital wireless communications services offered by Nextel Communications (Nextel) in mid-sized and rural markets in 31 states where approximately 54 million people reside. Nextel Partners and Nextel together offer the largest guaranteed all-digital wireless network in the country serving 297 of the top 300 U.S. markets. To learn more about Nextel Partners, visit www.nextelpartners.com.
© 2005 Business Wire
