Alltel to be sold, effect on Penske sponsorship?
Quote selected text Published May 21st, 2007 in NASCAR News
Alltel Corp. announced that it has signed a definitive merger agreement to be acquired by TPG Capital and GS Capital Partners (’GSCP’), in a transaction valued at approximately $27.5 billion. Alltel’s Board of Directors has unanimously approved the merger agreement after a comprehensive review of the company’s strategic options, and has recommended the approval of the transaction by Alltel’s shareholders.
Completion of the transaction, which is currently expected to occur by the fourth quarter of 2007 or by the first quarter of 2008, is contingent upon customary closing conditions, including approval by Alltel’s shareholders and certain regulatory approvals. Shareholders will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. Scott Ford, Alltel’s chief executive officer, will remain in his current role.
[Business Wire]
- Newman to leave Penske at end of season
- AT&T suit could have Alltel challenging its sponsorship rights as well
- Penske Racing South President to retire, Newman to get new crew chief
- Penske names VP of Marketing
- Alltel situation puts Newman re-signing in limbo
Is there any company not merging or being bought out these days?
Now its going to be another case like the cingular-at&t vs nascar.
So how long is it going to take this time for them to allow Newman to race with the new companies logo on his car?
-Chris
This must be one of the reasons Newman wants out.
Mergers and buy outs have been around since time began. Its nothing new.