Sprint, Nextel OK Boost In Board Size To 14 Vs 12"

WASHINGTON -(Dow Jones)- The boards of Sprint Corp. (FON) and Nextel Communications Inc. (NXTL) each approved last week an increase in the size of the pending combined company's board to 14 from 12.

Nextel Communications and Sprint last December agreed to a merger of the two companies in a stock-for-stock transaction, which would create the third-largest U.S. wireless carrier. The company will be named Sprint Nextel.

According to an amended regulatory filing with the Securities and Exchange Commission Tuesday, Sprint Nextel will also designate two individuals who are expected to serve on the board of a spunoff entity to serve on the Sprint Nextel board until the time of the spinoff.

As reported, Sprint Nextel plans to spin off to shareholders Sprint's local telecommunications business following completion of the merger.

-By Gee L. Lee, Dow Jones Newswires; 202-862-1346

(END) Dow Jones Newswires"

Posted to the site on 24th May 2005