The news release isn't available at this second, but we're informed by a very reliable source that the purchase of Alltel Corp. by a private equity group has been done. The deal will be for $71.50 a share, against recent price of $65, or a $27.5 billion deal Our source says current management and operations will remain in place. In other words, LR remains home to the company.
There's much more to know, but this is what we're hearing at this minute.
Another messenger says the company will be taken private. We're watching.
Wall Street Journal says:
TPG and the private-equity arm of Goldman Sachs are in the final stages of negotiating a purchase of wireless operator Alltel for about $25 billion
Our source says this deal is the best possible workout for LR of a company in motion.
UPDATE: Here's the company news release.
And here's the Stephens Media report that mentions the windfalls possible for top Alltel execs.