VIRGIN MOBILE USA, Inc. (VM)

[Volatile22]

NEWS

Virgin Mobile USA Inc. (VM), Sprint Nextel Corp (S)

Premium offered: $0.97 or 21.41%

Acquirer: S

Target: VM

Offer per share: $5.50 in stock

Value of outstanding common equity: $358,272,778

Target share price: $4.53

Expected closing: 4Q or Early 2010 12/31/2009

Annualized gain: 65.13%

Note: Sprint Nextel gets antitrust OK in late Aug. to acquire Virgin Mobile;

the exchange ratio will be subject to a collar such that in no event will

the exchange ratio be lower than 1.0630 or higher than 1.3668. The deal has

different terms for the holders from Virgin Group and SK Telecom