FT. MYERS, Fla., May 23 /PRNewswire/ -- Palmer Wireless, Inc.
(Nasdaq: PWIR) today announced that it has reached a definitive agreement to
be acquired by Price Communications Corporation (AMEX: PR) for $17.50 per
share in cash, for an aggregate purchase price of $880 million, including
repayment of debt.  The agreement, which is subject to FCC and regulatory
approval, is expected to close in the fourth quarter of this year.  Goldman,
Sachs & Co. advised Palmer Wireless on the transaction.
    Palmer Wireless, headquartered in Ft. Myers, Florida, owns and operates
18 non-wireline cellular telephone systems in Florida, Alabama, Georgia and
South Carolina covering a total estimated population of 3.9 million pops and
over 320,000 subscribers.  All of the Company's systems are part of the North
American Cellular Network (NACN) and are Cellular One affiliates.
    In commenting on the announcement, William J. Ryan, President and Chief
Executive Officer of Palmer Wireless stated: "We are very pleased to announce
this agreement to join Price Communications.  Since our initial public
offering in March 1995, we have significantly increased the size and scope of
our operations, and have strived to maximize value to all our shareholders.
Price Communications is an outstanding company and we are pleased that it has
recognized the value of our markets, operations and employees.  We look
forward to continuing to grow the Company under the Cellular One, Price
Communications Cellular and Palmer Wireless banners."
    Bob Price, President of Price Communications Corporation said, "We are
highly pleased to be successful in acquiring Palmer Wireless and its superior
management team headed by Bill Ryan, President and CEO.  We share in the
belief that we can provide everything that PCS has promised to provide.  We
look forward to a closing this fall, following the necessary regulatory
approvals."

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