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Technology Stocks : Nextwave Telecom Inc.

WAVE 7.790

+1.7%

Nov 14 9:30 AM EST

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To: JGoren who wrote (254)	12/23/1999 8:11:00 PM
From: Jon Koplik	Read Replies (3) of 1088

WSJ says Nextel withdraws bid for NextWave. December 23, 1999 Nextel Says It Will Abandon Its $8.3 Billion Bid for NextWave An INTERACTIVE JOURNAL News Roundup WASHINGTON -- Nextel Communications Inc. said it intends to abandon its $8.3 billion hostile takeover bid for NextWave Telecommunications Inc., a wireless-communications company operating under bankruptcy-court protection The move was disclosed in a Form 8-K filed Thursday with the Securities and Exchange Commission. Nextel said it will withdraw its petition for declaratory ruling filed on Dec. 21 with the Federal Communications Commission in connection with the resolution of the NextWave bankruptcy cases as soon as possible. Nextel said it based its decision on the recent issuance on an opinion by the U.S. Court of Appeals for the Second Circuit explaining the basis of its reversal of earlier bankruptcy court decisions in the NextWave case. Under the terms of the proposal Nextel made earlier this week, Nextel would pay $5.3 billion to the Federal Communications Commission; NextWave had bid on and won wireless licenses from the FCC but it has been unable to pay for them. NextWave equity owners would receive $2.5 billion in Nextel common stock, and the NextWave creditors would be paid $500 million in cash. Earlier this month, NextWave said it had raised $1.6 billion from a host of investors including telecommunications concern Global Crossing Ltd. and AT&T Corp. affiliate Liberty Media Corp. NextWave said it would use the funds to emerge from bankruptcy protection and build a wireless data network. NextWave filed for Chapter 11 protection from creditors a year ago Copyright ¸ 1999 Dow Jones & Company, Inc. All Rights Reserved.

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