Sprint Nextel Hires Lazard to Appraise Partners Affiliate

Sprint and Partners have been fighting for months about how to value Partners, which is exercising a right built into its charter to make Sprint buy out the 68.6% of Partners it doesn't already own. Sprint, based in Reston, Va., has filed a suit in Delaware Chancery Court asking a judge to endo...

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Bibliographic Details
Published inThe Wall Street journal. Eastern edition
Main Author Young, Shawn
Format Newspaper Article
LanguageEnglish
Published New York, N.Y Dow Jones & Company Inc 14.11.2005
EditionEastern edition
Subjects
Appraisals
Business valuation
Buyouts
Charters
Service introduction
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Summary:Sprint and Partners have been fighting for months about how to value Partners, which is exercising a right built into its charter to make Sprint buy out the 68.6% of Partners it doesn't already own. Sprint, based in Reston, Va., has filed a suit in Delaware Chancery Court asking a judge to endorse its interpretation of terms in the charter. Now Sprint and Partners are slated to face off over definitions of such terms as "intrinsic value" and "fair market value" that could have a significant effect on the price Sprint must pay for Partners. Partners has focused on a requirement in the charter that it be paid a premium, while Sprint has argued that Partners' share price already includes a hefty premium because a takeover has long been expected.
ISSN:0099-9660