Leap Delays Vote On Acquisition By AT&T - Twice

Leap Delays Vote On Acquisition By AT&T

San Diego — Leap Wireless pushed back a shareholder vote on its acquisition by AT&T from this Thursday to Oct. 30.
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San Diego — Leap Wireless pushed back a shareholder vote on its acquisition by AT&T from this Thursday to Oct. 30.

 The no-contract carrier said the adjournment would give it time to file amendments to its Form 10-K for the year, ended Dec. 31, 2012, and its 10-Qs for the quarters, ended March 31 and June 30, 2013. The carrier said the changes would address “a classification error in the presentation of certain capital expenditures in the consolidated statements of cash flows.”

 In July, AT&T announced plans to acquire ailing Leap for $1.2 billion to obtain Leap spectrum to accommodate future data growth and increase its share of the fast-growing prepaid market. In recent Federal Communications Commission (FCC) filings, AT&T said it will retire its fledgling Aio Wireless no-contract brand if the deal goes through as expected.

 “The combined company will have the financial resources, scale and spectrum to better compete with other major national providers for customers interested in low-cost prepaid service,” AT&T said at the time. At the time of the announcement, AT&T said it expected to close the transaction in six to nine months.

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