From Bloomberg News

IPCS Inc. investor Greywolf Capital Management LP urged the carrier’s board to hold out for a higher takeover offer from Sprint Nextel Corp.

Sprint’s $24-a-share bid “reflects neither the fundamental business value of IPCS nor the value of IPCS’s breach of contract claims against Sprint,” Greywolf Chief Executive Officer Jon Savitz wrote in a letter to the IPCS board, dated Nov. 16.

Greywolf, IPCS’s third-largest shareholder, said an offer of $34 to $47 a share would be more in line with what Sprint has paid for other affiliate networks. Sprint, which had been embroiled in lawsuits with IPCS, was at risk of having to divest customers on its iDEN push-to-talk network and delay its network expansion.

Sprint said last month, at the time of the deal’s announcement, that outstanding litigation between the two companies had been resolved.

Sprint spokeswoman Leigh Horner declined to comment today on Greywolf’s letter.

The acquisition, valued at $426 million in cash and $405 million in debt, is expected to close by early next year.