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Sprint Nextel files second lawsuit over Nextel Partners' value By Dan Meyer Oct 19, 2005 Sprint Nextel Corp.'s Nextel WIP Corp. subsidiary filed its second lawsuit in as many weeks against network affiliate Nextel Partners Inc., part of its ongoing attempts to set a price for Sprint Nextel's expected acquisition of Nextel Partners. The lawsuit seeks access to Nextel Partners' financial records and other documents related to how Nextel Partners determined its forecasts for future operations in recent Securities and Exchange Commission filings and the impact those numbers have had on determining its market value. Sprint Nextel has maintained that a portion of Nextel Partners' nearly 40-percent stock-price increase since December is related to Sprint Corp.'s acquisition of Nextel Communications Inc., which closed in early August. Nextel Partners claimed the stock-price increase is due to its strong operational performance during the past several quarters. "We believe that Nextel's second lawsuit in less than two weeks has no merit," Nextel Partners said in a statement. "We will respond in due course." Nextel Partners' shareholders are set to vote Oct. 24 whether to exercise the carrier's put option, which would require Sprint Nextel to acquire the remaining 68 percent of Nextel Partners it currently does not own. If triggered, an appraisal process will determine the "fair market value" of Nextel Partners and is expected to be completed by early February. The lawsuit filed last week in Delaware Chancery Court claimed that Nextel Partners misrepresented the way in which a fair market value for the carrier should be set. The litigation also seeks to bar Nextel Partners from releasing results of the initial appraisal because that could influence the findings of a third appraiser. http://www.rcrnews.com/news.cms?newsId=24545 |
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Uh oh! This is lawsuit after lawsuit. What a mess this merger has caused!
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I don't think this is too big of deal. It will be settled soon.
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Images: 293 | Nextel Partners Files Counterclaim To Sprint Nextel Suit WASHINGTON -(Dow Jones)- Nextel Partners Inc. (NXTP) filed a counterclaim Wednesday seeking the dismissal of the latest lawsuit filed by Sprint Nextel Corp. (S) against the company. Nextel Partners said in the counterclaim filed in the Delaware Chancery Court and disclosed in a filing with the Securities and Exchange Commission that it seeks the dismissal of a suit filed Tuesday by Sprint Nextel, which asks for Nextel Partners to provide the wireless carrier with documents related to financial projections and other topics. In a press release late Tuesday, Nextel Partners said it believes that "Nextel's second lawsuit in less than two weeks has no merit." In its counterclaim filed Wednesday, Nextel Partners responds in detail to Sprint Nextel's suit and asks the court to grant the company relief "as the court deems just and proper." Kirkland, Wash.-based Nextel Partners, which provides wireless service under the Nextel brand, has engaged in a feud with Sprint Nextel over the value of Nextel Partners because it can force Sprint to buy out the stake of Nextel Partners it doesn't already own. Nextel Partners shareholders are scheduled to vote on the buyout Monday. Nextel Partners, which says it has a market capitalization of about $7 billion, said in the counterclaim that since the announcement of the Sprint-Nextel merger in December, Nextel has made calculated public statements seeking to depress Nextel Partners' stock price and ultimately lower the price that Nextel would be required to pay to buy out its stake in Nextel Partners. Nextel Partners stock recently traded at $24.39 a share, down 12 cents from Tuesday's close.
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I think we will see more and more litigation on affiates, with Sprint wanting to buy them all back. I am sure the affiates will file suits as well.
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| Thread | Thread Starter | Forum | Replies | Last Post |
| Sprint to buy Nextel Partners | Matt | Wireless News | 9 | 12-20-2005 8:06 PM |
| Sprint-Nextel and Nextel partners must give appraisal #'s | Fire14 | Wireless News | 0 | 11-21-2005 8:28 AM |
| Nextel Partners loses bid to stall Sprint Nextel brand rollout | guy2 | Wireless News | 1 | 09-06-2005 7:44 PM |
| Nextel Partners posts strong results, withdraws Nextel lawsuit | TNDan21 | Wireless News | 0 | 07-28-2005 11:56 PM |
| Nextel promises Nextel Partners pact compliance | TNDan21 | Wireless News | 0 | 07-07-2005 5:44 PM |