Sprint Nextel sets stock exchange, dividend

According to a stock exchange ratio announced today, shareholders of Nextel Communications will receive 1.2675 shares of newly formed Sprint Nextel and 84.63 cents in cash in exchange for each share of Nextel common stock. Sprint Nextel said the per-share cash amount is based on an estimated cash ratio of 0.0325, multiplied by the $26.04 average per-share closing price of Sprint's common stock during the 20-day trading period ending last Friday. The actual stock-exchange ratio, cash ratio, and per-share cash merger consideration will be announced on or before August 17. Sprint Nextel today began trading on the New York Stock Exchange.

For more on Sprint Nextel's new financials:
- see this press release