Entries with tag proposed telecommunications mergers.

SoftBank Not Changing Bid for Sprint despite Competition

Although facing stiff competition in its quest to buy Sprint Nextel’s wireless business, leading suitor SoftBank is not changing its $20.1 billion bid for 70 percent of the company. Satellite-communications company Dish Network recently made a $25.5 billion counteroffer, giving Sprint shareholders $7 per share and 32 percent equity in the combined DISH/Sprint. Executives with SoftBank, a Japanese telecommunications firm, say they expect to complete the Sprint purchase, which regulators are reviewing now, by 1 July. Intel is backing SoftBank in the deal, saying in a recent letter to the US Federal Communications Commission that the merger would bring more competition to the US wireless market. A special meeting for Sprint shareholders to vote on the issue is tentatively scheduled for 12 June. (Reuters)(IT World)
 

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