Skip to main content
Advertising

Originally published June 25, 2013 at 9:15 AM | Page modified June 25, 2013 at 10:37 AM

  • Share:
           
  • Comments (0)
  • Print

Sprint Nextel shareholders approve Softbank deal

Sprint Nextel Corp.'s shareholders on Tuesday approved SoftBank Corp.'s acquisition of the bulk of the wireless carrier company.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

OVERLAND PARK, Kan. —

Sprint Nextel Corp.'s shareholders on Tuesday approved SoftBank Corp.'s acquisition of the bulk of the wireless carrier company.

Softbank had been competing with Dish Network Corp. since April to acquire Sprint. Sprint opted for Softbank's $21.6 billion offer for 78 percent of the company, versus Dish's $25.5 billion bid for all of Sprint.

CEO Dan Hesse said it was a historic day for the company and said the deal should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility.

Softbank, based in Japan, is giving Sprint stockholders the choice of $7.65 for each share they hold or one share of New Sprint common stock.

Approximately 98 percent of the votes at Sprint's special shareholders meeting Tuesday were in favor of the deal, representing approximately 80 percent of Sprint's outstanding common stock.

The companies expect to complete the deal by early July.

Shares of Sprint, based in Overland Park, Kan., increased 13 cents, or 2 percent, to $7 in midday trading ahead of the broader market's gains. Its stock value has increased more than 10 percent since April when the competing bids began.

News where, when and how you want it

Email Icon

Seattle Sketcher Book

Seattle Sketcher Book

Due to popular demand, the pre-sale price of $29.95 is extended until October 5!

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►