October 24, 2005

An overwhelming majority of Nextel Partners' class A common shareholders voted in favor of the carrier exercising its put option that will require Sprint Nextel to acquire the remaining 68 percent of Nextel Partners it does not already control.

Nextel Partners said that 99.9 percent of the more than 85 percent of the company's class A shares that voted at a special meeting voted in favor of the put option.

Nextel Partners' management had previously urged shareholders to vote in favor of the put option.

"We are pleased with the unprecedented backing of our shareholders who have voted virtually unanimously to exercise the put right, in agreement with the recommendation of the special committee," said John Chapple, chairman, chief executive officer and president of Nextel Partners.

Nextel Partners and Sprint Nextel are now required to select an appraiser to determine the fair market value of Nextel Partners within the next 20 days. Nextel Partners has already designated Morgan Stanley as its appraiser.

If the two appraisals differ by more than 10 percent, a third appraiser will be tabbed to deliver a third appraisal to determine the final value of Nextel Partners. Nextel Partners stock was trading up 1 cent per share midday Monday at $25.52 per share.

Source: RCR News