Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Sprint Shareholders Vote to Merge With SoftBank

Sprint Nextel (NYSE: S  ) shareholders voted today to approve the company's merger agreement with Japanese telecom SoftBank, Sprint announced today.

The company said that 98% of the votes cast today voted in favor of the transaction. Those votes accounted for around 80% of Sprint's outstanding common stock as of April 18.

"The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility," said Sprint CEO Dan Hesse.

SoftBank had been battling satellite-TV provider DISH Network (NASDAQ: DISH  )  since April 15 for the right to buy Sprint. It was only last week that SoftBank seemed destined to come out on top when it sweetened its proposal with an additional $4.5 billion in cash for shareholders.

SoftBank's original agreement with Sprint was for $20.1 billion for 70% of the No. 3 U.S. wireless provider. The voted-upon agreement raised that price to $21.6 billion for a 78% slice of Sprint, and it will put up to $16.64 billion into the pockets of Sprint stockholders.

The Sprint-SoftBank transaction is still subject to approval by the Federal Communications Commission. The companies anticipate the deal to be completed in early July.

Editor's note: A previous version of this article contained incorrect information about Softbank's offer. It has been corrected. The Fool regrets the error. 


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2509592, ~/Articles/ArticleHandler.aspx, 9/29/2016 3:03:01 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 5 hours ago Sponsored by:
DOW 18,339.24 110.94 0.61%
S&P 500 2,171.37 11.44 0.53%
NASD 5,318.55 12.84 0.24%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/28/2016 4:00 PM
DISH $54.93 Up +0.58 +1.07%
DISH Network CAPS Rating: **
S $6.78 Up +0.05 +0.74%
Sprint CAPS Rating: **