Posted: 12/15/2004 3:31:44 AM EDT
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www.foxnews.com/story/0,2933,141552,00.html Sprint, Nextel Agree to Merge Wednesday, December 15, 2004 OVERLAND PARK, Kan. — Telecommunications giants Sprint Corp. and Nextel Communications Inc. said Wednesday that their boards have unanimously approved a "merger of equals" transaction, in which each company's shareholders will own about 50 percent of the new company — Sprint Nextel. Sprint Nextel also intends to spin off Sprint's local telecommunications business to shareholders following the merger. The business had revenue of more than $6 billion over the past four quarters and will be the largest independent local phone company in the country. Following the spin-off, the company's stock will be traded on the New York Stock Exchange (search). The companies said existing Sprint shares will remain outstanding and each Nextel common share will be converted into new company shares and a small per share amount of cash, with a total value equal to 1.3 Sprint Nextel common shares. The exact stock/cash allocation will be determined at closing of the merger in order to spin off the local telecommunications business on a tax-free basis. The total cash amount won't exceed $2.8 billion. If the stock/cash allocation was calculated today, the companies said Nextel shareholders would receive about 1.28 Sprint Nextel shares and about 50 cents in cash for each Nextel share. Sprint chairman and chief executive Gary D. Forsee (search) will become president and CEO of Sprint Nextel, and Timothy M. Donahue (search), currently president and CEO of Reston, Va.-based Nextel, will become chairman of the new company. |
It is akin to the US motorcycle manufactures of 90 year ago. There were hundreds of makes, and eventually it dwindled to 2 and then one, because that is all the buy public wanted and could support. Economics is a bitch, but in a free market it balances out. |
when cingular and att wirless become one < nov 15 2004 > the mobile to mobile calls were free from any att to cingular and vice versa < as long as your plan included free m2m ... > |
Here's my reason (fixed in red) and another reason:
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I got better reception with Verizon but their customer service and equipment sucked. |
I've got sprint with speaker, camera, fm radio, and a ton of little features..web...etc. etc. No direct connect..... Wonder if they'll combine all the services and features into a single phone now..hmmmm |
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I think as long as you don't have problems with your handset, are a dumbass, or go where coverage is bad, most cell providers are OK. I've been on AT&T for a couple years, but switched to Cingular.. as I had to... but haven't had any problems. I got a new phone back in October, then Moto put out a new firmware revision, but the only way to get it was to exchange the phone. Called up Cingular's Exchange By Mail, and they sent me a new handset, and return shipping to send back my old one. No problems. |
Will it now be called the Sprintel Cup? How about the ARFCOM Cup? |
Nope, it's Sprint/Nextel hehe |
Verizon's customer service is much better that Sprint’s ever has been. Sprint’s 2 claims to fame in the wireless phone business are the worst coverage area available and the poorest customer service. Customer service survey after customer service survey ranks Sprint dead last EVERY time, as a Sprit customer I can vouch for their extremely poor coverage and poor customer service the worst mistake I ever made was switching from Verizon to Sprint. |