What is the primary impact of the merger with SpectraSite on American Tower Corporation?

The primary impact is a significant expansion of American Tower's (AMT) business operations and market share in the telecommunications tower industry. By acquiring SpectraSite, AMT has increased its tower portfolio and solidified its position as a major player in the market.

How were SpectraSite shareholders compensated for their shares?

SpectraSite shareholders received 3.575 shares of American Tower Corporation's Class A common stock for each share of SpectraSite common stock they held at the effective time of the merger. SpectraSite warrants were similarly converted into warrants for AMT's Class A common stock.

What happened to SpectraSite's outstanding debt?

American Tower Corporation completed a cash tender offer for SpectraSite's 8 1/4% senior notes due 2010. All outstanding notes, totaling $200.0 million in principal amount, were tendered and accepted for payment, effectively retiring this debt.

Have there been any changes to American Tower's Board of Directors as a result of this merger?

Yes, American Tower's Board of Directors was expanded from six to ten members. Four new directors were elected: Paul M. Albert, Jr., Stephen H. Clark, Dean J. Douglas, and Samme L. Thompson, all of whom were previously associated with SpectraSite.

AMT 8-K: Leadership Changes, Acquisitions & Dispositions & More

Summary

AMERICAN TOWER CORP /MA/ (AMT) has officially completed its merger with SpectraSite, Inc. (SpectraSite) as of August 8, 2005. This significant transaction, approved by stockholders of both companies, involved AMT issuing approximately 169.5 million shares of its Class A common stock to SpectraSite shareholders, with additional shares reserved for outstanding SpectraSite options and warrants. The merger is expected to be transformative for AMT, significantly expanding its operational footprint and market presence in the telecommunications tower industry.

Key Highlights

1Completion of the merger between American Tower Corporation (AMT) and SpectraSite, Inc. effective August 8, 2005.
2SpectraSite common stock was converted into 3.575 shares of AMT's Class A common stock per share.
3Approximately 169.5 million shares of AMT's Class A common stock were issued to SpectraSite shareholders.
4An additional 17.0 million shares of AMT's Class A common stock are reserved for SpectraSite options and warrants assumed by AMT.
5AMT's Board of Directors was expanded from six to ten members, with four new directors elected from SpectraSite's former board: Paul M. Albert, Jr., Stephen H. Clark, Dean J. Douglas, and Samme L. Thompson.
6AMT's Restated Certificate of Incorporation was amended to increase authorized Class A common stock, eliminate Class B and C stock, and lower thresholds for certain amendments.
7SpectraSite's 8 1/4% senior notes due 2010 were fully redeemed through a cash tender offer, with 100% of the outstanding $200.0 million principal amount tendered and accepted.

AMERICAN TOWER CORP /MA/ 8-K Report, Acquisition Completed (Aug 8, 2005)

Summary

Key Highlights

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