Subject: [NEXTEL-1] UPDATE - Nextel to sell $211.5 million in NII shares

From: [email-masked]
Date: Fri, 14 Nov 2003 20:42:51 -0500

http://biz.yahoo.com/rf/031114/telecoms_niiholdings_1.html

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UPDATE - Nextel to sell $211.5 million in NII shares
Friday November 14, 12:18 pm ET

(Updates share price, adds analyst quotes)
NEW YORK, Nov 14 (Reuters) - NII Holdings (NasdaqNM:NIHD - News), which
provides wireless service in Latin America, said on Friday
Nextel Communications Inc. (NasdaqNM:NXTL - News) plans to sell more than 40
percent of its stake in the company, whose shares fell nearly 5
percent.

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NII said Nextel, which owns 31 percent of its 22 million
shares, will sell 3 million shares for $70.50 apiece, yielding
$211.5 million.
Investors reacted by sending Reston, Virginia-based NII's
stock down $3.42 to $69.83 in midday Nasdaq trade, where it was
the second-worst net loser.
"Nextel's sending a message to the market that the stock
might have peaked here," said Guzman & Co. analyst Patrick
Comack (News) , but he noted that major shareholders are not always
right about where a stock has reached its peak price.
Another analyst said he did not think the move poses a
serious threat to NII, which uses Nextel branding and the same
technology and service types as Nextel.
"I don't think its going to change the strategic
relationship." Legg Mason analyst Craig Mallitz said. "It's
more of a technical reaction. There's nothing fundamental."
Both analysts said Nextel, the No. 5 U.S cell phone
company, could use the transaction to cut back its debt.
Nextel shares were down 34 cents at $23.85 also on Nasdaq.
Goldman Sachs is underwriting the offer.

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NIHD
NXTL

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23.62

-3.01
-0.58

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