An overwhelming 98 percent of voters welcome the deal with the Japanese carrier
The ongoing saga of the fight for Sprint's hand in marriage is coming to a close, with a single suitor finally able to close the deal. Today, Sprint shareholders voted in an overwhelming majority to approve the merger between Sprint and Japanese carrier Softbank. 98 percent of voters were in favor of the deal, representing 80 percent of the outstanding common stock.
Talks of a significant investment from Softbank were initially confirmed by Sprint in October of last year. This was followed by a slightly larger offer from competing investor Dish Network in April of 2013. After the recent decision by Dish not to invest in Sprint, but instead only focus on a separate offer for Clearwire, Softbank emerged as the victor. Sprint believes this marriage with Softbank "should enhance Sprint’s long-term value and competitive position by creating a company with greater financial flexibility."
Sprint stockholders will have the option to chose between $7.65 or one common stock for each Sprint stock they own. The total cash amount for stockholders totals $16.64 billion. After the deal, "New Sprint" will have a 22 percent stake in the company, with Softbank controlling the remaining 78 percent. Final FCC approval is expected as early as next month.
The complete press release can be found at the source link below.
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