Business

Greywolf Capital opposes Sprint-iPCS purchase

Posted November 16, 2009 10:00 pm

Associated Press

Sprint Nextel Corp.'s proposed purchase of wireless affiliate iPCS Inc. is gaining opposition from one of iPCS' largest shareholders.

Greywolf Capital Management LP says it owns about 8 percent of the Schaumburg-based company. In a letter Monday to the company's board of directors, the investment fund said it will not vote in favor of Sprint's acquisition, saying the $24 per share price is too low.

Greywolf said that while it believes Sprint should buy iPCS, which sells Sprint-branded services through a swathe of the Midwest, the price should reflect the legal fights iPCS has waged with Sprint over numerous business deals it alleges violated exclusivity agreements between the companies.

Greywolf said the Overland Park, Kan.-based company should pay up to $47 per share.

Article Comments

Article Categories
Business Communities Content Providers Cook County Counties Schaumburg

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.