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Sprint shareholders approve $21.6B SoftBank acquisition offer

updated 03:06 pm EDT, Tue June 25, 2013

FCC last regulator to have say on Sprint-Softbank deal

Shareholders in Sprint have "overwhelmingly" approved the proposal by SoftBank to acquire with the carrier. A vote saw approximately 98 percent of votes cast in favor of the deal at a special shareholders meeting earlier today, which now leaves only the Federal Communications Commission as the last regulator to weigh in before the deal can be completed.

The approval from Sprint shareholders is possibly the penultimate step in completing the deal, as it has already received approval from the Securities and Exchange Commission last month, as well as the US Department of Justice. If all goes well at the FCC, the agreement can be completed by July.

The original proposal was valued at $20 billion, but after Sprint received a second offer from Dish Network for $25.5 billion, SoftBank was forced to increase its offer to $21.6 billion. Shortly after the increase, Dish withdrew its offer, claiming that the deal was "impracticable" due to Sprint prematurely terminating a period of due diligence and accepting "extreme deal protections in its revised agreement with SoftBank."

Shareholders should receive $7.65 per share, or an option to convert their Sprint stock into shares in the new company, with the total compensation package claimed to be worth $16.64 billion. SoftBank will end up owning a majority in the new company, with a roughly 80:20 split in ownership in favor of the Japanese carrier.

Dish, free from its attempt to acquire Sprint, is now attempting to acquire Clearwire.




by MacNN Staff

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