Sprint competed with 'Company X' for Virgin Mobile

Fri, 09/04/2009 - 8:15am
The Associated Press

KANSAS CITY, Mo. (AP) – Sprint Nextel Corp. wasn't alone in courting Virgin Mobile USA this summer.

According to a securities filing released Thursday, Virgin Mobile USA held discussions with a second company before eventually agreeing to be acquired by Sprint for $483 million in stock.

The second suitor is not named in the filing, only referred to as "Company X."

Company X began talking about a potential deal in March, four months after Sprint began negotiations. Its last offer would have paid $5.23 a share for Virgin Mobile USA, but it withdrew shortly before Overland Park, Kan.-based Sprint and Virgin Mobile USA announced their deal July 28 at $5.50 a share.

The deal still requires approval from Warren, N.J.-based Virgin Mobile USA shareholders and regulators.

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