Alltel shareholders approve purchase by TPG Capital, GS Capital Partners
LITTLE ROCK, Ark. - Alltel today announced that its shareholders approved the previously announced purchase of the company by TPG Capital and GS Capital Partners. Of the shares voted at today’s special meeting, approximately 97 percent were cast in favor of the purchase, representing approximately 73 percent of the total shares outstanding and entitled to vote.
The Federal Communications Commission still must approve the transaction. Once the transaction closes, the company’s shareholders will receive $71.50 in cash for each share of Alltel common stock.
“I’m very pleased to receive such strong shareholder support for this transaction,” said Alltel President and CEO Scott Ford. “With today’s stockholder vote, we have received all required approvals except the FCC approval. While the company is waiting to hear from the FCC more definitively on the timing of its approval process, we expect to receive a favorable FCC vote in time for the transaction to close by year-end.”
Alltel is owner and operator of the nation’s largest wireless network and has 12 million wireless customers.
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