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Archive for Tuesday, October 25, 2005

Nextel Partners vote to force sale

October 25, 2005

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Shareholders of wireless affiliate Nextel Partners Inc. voted overwhelmingly Monday to approve a provision requiring parent company Sprint Nextel Corp. to buy the company.

Nextel Partners said 99.9 percent of votes cast during a special meeting at the Kirkland, Wash.-based company were in favor of exercising a "put right" in its agreement with Nextel Communications Inc. that requires that Nextel buy the remaining two-thirds of the company that it doesn't already own.

Sprint Corp. acquired Nextel in August, triggering the provision.

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