XM Satellite Radio and WCS Wireless Terminate Agreement
WASHINGTON, May 22 /PRNewswire-FirstCall/ -- XM Satellite Radio
(Nasdaq: XMSR) and WCS Wireless, a private entity, today announced the termination of their agreement for XM to acquire WCS Wireless. The principal assets of WCS Wireless are wireless spectrum licenses in certain geographic areas throughout the United States.
At the time of the acquisition agreement between XM and WCS Wireless, announced July 13, 2005, the parties had expected to close their transaction by this time, with the timing dependent on receipt of necessary government approvals. Despite both parties' efforts to obtain that approval, it has not been forthcoming to date. Accordingly, XM and WCS Wireless have agreed to terminate the acquisition agreement in order to free WCS Wireless to pursue other alternatives for its spectrum licenses.
In commenting on the termination, Gary Parsons, Chairman of XM, stated, "With the inability to obtain the necessary government approval for this transaction in a timely manner, WCS Wireless needed to pursue alternatives for its spectrum with greater certainty of regulatory approval."
WASHINGTON, May 22 /PRNewswire-FirstCall/ -- XM Satellite Radio
(Nasdaq: XMSR) and WCS Wireless, a private entity, today announced the termination of their agreement for XM to acquire WCS Wireless. The principal assets of WCS Wireless are wireless spectrum licenses in certain geographic areas throughout the United States.
At the time of the acquisition agreement between XM and WCS Wireless, announced July 13, 2005, the parties had expected to close their transaction by this time, with the timing dependent on receipt of necessary government approvals. Despite both parties' efforts to obtain that approval, it has not been forthcoming to date. Accordingly, XM and WCS Wireless have agreed to terminate the acquisition agreement in order to free WCS Wireless to pursue other alternatives for its spectrum licenses.
In commenting on the termination, Gary Parsons, Chairman of XM, stated, "With the inability to obtain the necessary government approval for this transaction in a timely manner, WCS Wireless needed to pursue alternatives for its spectrum with greater certainty of regulatory approval."
