IPCS Shareholder Blasts Planned $831M Sale To Sprint

Law360, New York (November 17, 2009, 6:18 PM EST) -- A major iPCS Inc. shareholder has come out against the sale of the wireless communications company to Sprint Nextel Corp., arguing that the $24 per share offer — valued at $831 million — reflects neither the fundamental business value of iPCS nor the value of iPCS' breach of contract claims against Sprint.

Investment firm Greywolf Capital Management LP, which owns 8.2 percent of iPCS, said in a letter to iPCS' board of directors that this was a great deal for Sprint, but that the price for...
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