Sprint-Virgin Mobile background of the merger

Nine months in the making, Sprint Nextel announced the acquisition of Virgin Mobile USA for $731 million deal on July 28. Here's some background on how the deal was put together. According to an SEC filing, there was a competing bid from "Company X" that never worked out. After haggling with Sprint on valuation, many back-and-forth phone calls and voice-mails, in-person meetings at Sprint headquarters and in King & Spalding LLP's office, virtual data room gatherings and a dinner at Sprint CEO Dan Hesse's home, the deal came together.