Nextel Offers to Buy American Mobile Shares
American Mobile Systems Inc. in Woodland Hills said Nextel Communications Inc., a wireless communications company, has offered to purchase all the American Mobile shares it doesn’t already own for about $73 million.
Nextel earlier agreed to acquire up to 65% of American Mobile equity for a combination of cash and properties in Florida. It currently owns about 9% of American Mobile’s shares.
Under the new proposal, Rutherford, N.J.-based Nextel would issue 3 million of its common shares, currently valued at more than $24 a share, in exchange for all of American Mobile’s outstanding shares.
The acquisition of American Mobile is part of Nextel’s plan to build a nationwide wireless communications system. Its plans were dealt a setback last month when MCI Communications Corp. canceled a $1.3-billion marketing deal that would have linked its long-distance service with Nextel.
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