Leap Investors to Vote on $1.2 Billion AT&T Deal on Oct. 24Scott Moritz
Leap Wireless International Inc., the prepaid wireless carrier that agreed to a $1.2 billion takeover by AT&T Inc. in July, will hold a meeting on Oct. 24 for investors to vote on the deal.
The meeting will be held at 8 a.m. in Denver, the company said today in a filing. Leap also said it will have to pay a termination fee of $46.3 million to $71.2 million, depending on the circumstances, if the deal falls apart.
AT&T, the second-biggest U.S. wireless carrier, agreed to buy Leap for $15 a share in cash, offering a premium of 88 percent over the stock price at the time. The transaction gives Dallas-based AT&T more pay-as-you-go customers, along with airwaves to improve its network.
Leap shares fell 0.3 percent to $15.56 at the close in New York. AT&T rose less than 1 percent to $34.75.