Bloomberg News

Leap Investors to Vote on $1.2 Billion AT&T Deal on Oct. 24 (2)

September 17, 2013

Leap Wireless International Inc. (LEAP:US), the prepaid wireless carrier that agreed to a $1.2 billion takeover by AT&T Inc. (T:US) 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.

To contact the reporter on this story: Scott Moritz in New York at smoritz6@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net


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