Alltel Buyout

Alltel (AT)
TPG Capital / GS Partners
$27.5B Buyout

Summary

Buyout of Nation's largest independent wireless network

$71.50 per AT share; $27.5B total
AT stock chart

Announced 5.20.07

Shareholders approve purchase 8.29.07

Press release

Developments

Merger expected to close before year end, posts record growth 10.19.07
Tender offer extension announced 11.06.07

Closed 11.30.07

Club Deal

TPG Capital

GS Capital Partners

Advisors

Financial

AT: Merrill Lynch / Stephens / JP Morgan
TPG / GSCP: Citigroup / Goldman Sachs
Acquisition financing: Goldman Sachs / Citigroup / Barclays / RBS

Legal

AT: Wachtell Lipton
TPG: Cleary Gottlieb
GSCP: Weil Gotshal
Regulatory: Akin Gump

Merger Agreement

EDGAR filing

Form 8-K

Hyperlinked version
Detailed hyperlinked index follows

Article I The Merger

1.1 The Merger
1.2 Closing
1.3 Effective Time
1.4 Effects of the Merger
1.5 Company Charter and By-laws of the Surviving
Corporation
1.6 Directors
1.7 Officers
1.8 Further Assurances

Article II Conversion Of Shares; Exchange of Certificates

2.1 Effect on Capital Stock
2.2 Exchange of Certificates
2.3 Effect of the Merger on Company Stock Options and
Company Restricted Shares

Article III Company Reps

3.1 Qualification, Organization, Subsidiaries, Etc
3.2 Capital Stock
3.3 Subsidiaries
3.4 Corporate Authority Relative to this Agreement; No
Violation
3.5 Reports and Financial Statements; Internal Controls
3.6 No Undisclosed Liabilities
3.7 Compliance with Law; Permits
3.8 Environmental Laws and Regulations
3.9 Employee Benefit Plans
3.10 Interested Party Transactions
3.11 Absence of Certain Changes or Events
3.12 Investigations; Litigation
3.13 Proxy Statement; Other Information
3.14 Tax Matters
3.15 Labor Matters
3.16 Intellectual Property
3.17 Property
3.18 Required Vote of the Company Shareholders
3.19 Material Contracts
3.20 Insurance
3.21 Finders or Brokers
3.22 Fairness Opinion
3.23 State Takeover Statutes; Charter Provisions

Article IV Parent and Merger Sub Reps

4.1 Qualification; Organization
4.2 Corporate Authority Relative to this Agreement; No
Violation
4.3 Proxy Statement; Other Information
4.4 Financing
4.5 Ownership and Operations of Merger Sub
4.6 Finders or Brokers
4.7 Certain Arrangements
4.8 Investigations; Litigation
4.9 Guarantee
4.10 Solvency
4.11 No Other Information
4.12 Ownership of Parent; Other Investments of Parent
Affiliates

Article V Covenants and Agreements

5.1 Conduct of Business
5.2 No Solicitation
5.3 Filings; Other Actions
5.4 Employee Matters
5.5 Required Approvals
5.6 Takeover Statute
5.7 Public Announcements
5.8 Indemnification and Insurance
5.9 Financing
5.10 Access; Confidentiality
5.11 Notification of Certain Matters
5.12 Rule 16b-3
5.13 Control of Operations
5.14 Certain Transfer Taxes
5.15 Obligations of Merger Sub
5.16 Treatment of Certain Notes
5.17 Termination of Certain Other Indebtedness

Article VI Conditions to the Merger

6.1 Each Party
6.2 Company
6.3 Parent and Merger Sub
6.4 Frustration Of Closing Conditions

Article VII Termination

7.1 Termination or Abandonment
7.2 Termination Fees

Article VIII Miscellaneous

8.1 No Survival of Representations and Warranties
8.2 Expenses
8.3 Counterparts; Effectiveness
8.4 Governing Law
8.5 Jurisdiction; Enforcement
8.6 Waiver of Jury Trial
8.7 Notices
8.8 Assignment; Binding Effect
8.9 Severability
8.10 Entire Agreement; No Third-party Beneficiaries
8.11 Amendments; Waivers
8.12 Headings
8.13 Interpretation
8.14 No Recourse
8.15 Certain Definitions

Proxy Solicitation

Special meeting set for August 29

Definitive proxy agreement 7.24.07

Table of contents

Preliminary proxy agreement 6.13.07

Table of contents

Deal Protection

No shop covenant

Merger agreement 5.2
Proxy statement disclosure

Break-up fee

$625mm, plus out-of-pocket expenses
Agreement 7.2
Proxy statement disclosure

Regulatory Approvals

HSR Act

Merger agreement 5.5
Proxy statement disclosure

Fairness Opinion

JPMorgan, Merrill Lynch and Stephens fairness opinions

Proxy statement disclosure

Tax Matters

Disclosure

Proxy statement disclosure

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