Printed from http://www.electronista.com

SoftBank aims to complete Sprint acquisition by July 1st

updated 08:17 am EDT, Tue April 16, 2013

Statement states companies in advanced approval stages

Japanese carrier SoftBank is expecting to complete its acquisition of Sprint by July, despite a sudden roadblock in the form of alternate offers to Sprint. A statement from Softbank providing a date for completion comes in the wake of Sprint receiving a second bid from Dish Network to merge, valued at $25.5 billion.

The statement, picked up by All Things D, states "SoftBank believes that the agreed terms of our transaction with Sprint offer Sprint shareholders superior short and long term benefits to Dish's highly conditional preliminary proposal. The SoftBank-Sprint transaction is in the advanced stages of receiving the necessary approvals, and we expect to consummate the transaction on July 1, 2013."

Though the acquisition is likely to go through, if Dish's offer was taken up instead, SoftBank could in theory walk away from the $20.1 billion investment $3.5 billion richer. Reuters notes that a $3.1 billion convertible bond SoftBank bought from Sprint last year would provide a profit of $1 billion, while currency hedging and the $600 million break-up fee would push the figure higher.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

IDrive cloud backup and sync service

There are a lot of cloud services out there, and nearly all of them can be used for backing up key files and folders. A few dedicated ...

Asus Chromebook C300

When Chromebooks hit the market back in 2011, consumers didn't know what to do with them. The low-cost laptops, powered by Google's Ch ...

Plantronics BackBeat Pro Bluetooth headphones

Looking for a pair of headphones that can do everything a user requires is a task that can take some study. Trying to decide on in-ear ...

Sponsor

toggle

Most Commented

 
toggle

Popular News