When the Japanese government recently awarded unused 2.5 GHz spectrum licenses to SoftBank rival carrier KDDI, Son lectured government officials for 50 straight minutes. Son argued that the process was unfair to SoftBank’s users and that he was “prepared to die” in order to get this message across, according to the Japanese Daily Press.
Just a day after closing its merger with SoftBank, Sprint unveiled some new unlimited talk, text and data plans. Unlimited data’s a big deal if only because the two biggest wireless providers in the U.S., AT&T and Verizon, completely shun the idea. But the timing of the plan caused speculation that the move was the first of many disruptive waves stemming from SoftBank entering the U.S. market. Not exactly.
Following nine arduous months of bids, revised bids, public beefs and lawsuits, Sprint today announced the completion of its merger with Japanese carrier SoftBank. With Sprint absorbing Internet wholesaler Clearwire in a deal finalized Monday, both Sprint and Clearwire are now effectively under the control of SoftBank.
The FCC has given its blessing to SoftBank’s $21.6 billion merger bid for Sprint and Sprint’s $5 per share buyout bid for Clearwire. In the order, released last Friday, the Commission concluded that the proposed transaction will likely result in public interest benefits.
SoftBank’s $21.6 billion deal for Sprint has won the approval of the FCC in a 2-1 vote. Bloomberg, citing people familiar with the matter, said the Commission’s decision covers both SoftBank’s bid and Sprint’s $5 per share offer to buy the remaining 50 percent of Clearwire it doesn’t already own.
Sprint Nextel shareholders voted today to approve Japanese carrier Softbank's offer to purchase 78 percent of Sprint. Shares of the company were up almost 2 percent to $6.99 on the news. According to a press release, Sprint shareholders overwhelmingly approved the deal...
SoftBank CEO Masayoshi Son expressed confidence that his company’s bid to acquire Sprint should wrap up by early July now that Dish has officially thrown in the towel on its bid for Sprint. Still, Reuters reported that Son warned the crowd at SoftBank’s annual shareholders meeting that Dish could still make a move before the June 25 Sprint shareholders vote.
In a statement released late yesterday, the satellite-TV provider said that Sprint’s decision to prematurely terminate Dish’s due diligence process and accept SoftBank’s revised acquisition bid of $21.5 billion has made it “impractical” for Dish to submit a new offer to Sprint. Dish instead said it will focus its efforts and resources on completing the Clearwire tender offer.
The hits keep coming between SoftBank and Dish Network. In an FCC filling posted today, SoftBank lashes back at Dish’s argument against SoftBank’s revised offer for Sprint, accusing Dish of trying to invoke a “xenophobic reaction.” In an FCC filing, Dish cited the reduction of capital Sprint will receive from SoftBank in a new deal—down to $5 billion from $8 billion in SoftBank’s original offer—as cause for some regulatory do-overs.
Dish Network has deployed fixed broadband service in rural Virginia using nTelos’ 2.5 GHz wireless BRS spectrum. The initial tests yielded speeds of 20-50 Mbps. In May, Dish and nTelos announced a partnership to co-develop the service. For the initial test, the companies activated two wireless tower test sites in the Blue Ridge Mountains.
A special committee is reportedly recommending Clearwire’s board fully endorse Dish Network’s tender offer of $4.40 per share. The Wall Street Journal, citing a person familiar with the situation, reported that Clearwire will likely postpone the June 13 shareholder vote on Sprint’s current bid of $3.40 per share to buy out Clearwire.
SoftBank late Monday raised its bid to acquire Sprint to $21.6 billion from $20.1 billion, or $7.65 per share. Under the new agreement, SoftBank would take a 78 percent stake in Sprint, up from the 70 percent promised in the previous offer.
SoftBank might be interested in buying Deutsche Telekom’s (DT) 74-percent stake in T-Mobile USA, if the Japanese carrier’s $20.1 billion bid for Sprint falls through. Reuters is citing three sources familiar with the situation saying that the talks—a continuation of preliminary negotiations between SoftBank and DT that began last year—have recently ramped up in light of Dish’s competing bid of $25.5 billion for Sprint.
A shareholder advisory firm is backing Softbank in its attempted acquisition of a huge chunk of Sprint Nextel. The $20.1 billion bid from Japan's second-biggest mobile company would ease Sprint's debt burden and provide ample cash to improve its network and become a serious competitor, according to Institutional Shareholder Services...
In light of Dish’s offer yesterday financially trumping Sprint’s existing bid for Clearwire, the wireless broadband carrier has rescheduled a shareholder vote on Sprint’s bid to buyout Clearwire. Clearwire’s shareholders were scheduled to vote on the Sprint transaction May 31. Sprint last week raised its offer to $3.40 per share (up from $2.97), but Dish swooped in with a $4.40 per share tender offer at the last minute.
Dish Network has raised its bid for Clearwire to $4.40 per share, representing a 29 percent premium over the revised offer of $3.40 per share Sprint last week submitted to the internet wholesaler. The bid caused Clearwire’s stock to skyrocket in after hours trading and it’s currently up more than 20 percent in pre-market as of 8:13 a.m. CT.
Sprint today announced that it and Japanese carrier Softbank have received clearance from the Committee on Foreign Investment in the U.S. (CFIUS) to move ahead with the proposed $20 billion merger of the two companies. The CFIUS’ approval comes with stipulations.
Sen. Charles Schumer urged regulators to "use extreme caution" when reviewing the proposed acquisition of No. 3 cell carrier Sprint Nextel by Japan's Softbank, saying the Japanese company's use of Chinese networking equipment could open up U.S. networks to snooping and hacking...
The California Public Utilities Commission voted to approve the transaction between Sprint and SoftBank. This decision marks the final necessary state approval for SoftBank’s proposed $20 billion bid to acquire 70 percent of Sprint. In a statement, the California Commission said the deal should lead to increased competition that “will benefit consumers and the telecommunications marketplace.”
Sprint has raised its offer to buyout Clearwire to $3.40 per share, representing a 14 percent premium over the previous offer of $2.97 and valuing Clearwire at $10.7 billion. Sprint’s boosted bid to acquire the nearly 50 percent of Clearwire it doesn’t already own comes just hours before Clearwire shareholders are scheduled to vote on the transaction.
Dish Tuesday announced a $2.5 billion debt offering to be placed in escrow for use toward the $9.3 billion the company still needs to raise for the cash consideration portion of its $25.5 billion offer to merge with Sprint, a move that serves as more than a gesture of good will toward the Sprint bid since it will likely cost Dish to place that money into escrow.
SoftBank appears to be playing hardball with banks that could potentially help finance Dish Network’s $25.5 billion opposing bid. A Reuters report cited two sources suggesting SoftBank, which owns 33 percent of Chinese e-commerce site Alibaba, has told lenders their chances of underwriting Alibaba’s imminent IPO could be jeopardized by aiding Dish in financing its Sprint bid.
Sprint is holding back on granting financial information to Dish Network as it pushed the company to elaborate on how its $25.5 billion merger offer will be funded and how it will create cost savings. Bloomberg, citing sources familiar with the matter, said Sprint’s board has raised its eyebrows at Dish’s ability to round up the $9.3 billion in financing it needs for the deal.
Speaking at a press conference, Son touted his company’s success in deploying TD-LTE over 2.5 GHz spectrum in Japan. He added SoftBank is better equipped to help Sprint deploy the same kind of service on the large swaths of 2.5 GHz Sprint stands to inherit should its $2.2 billion bid to buyout WiMax wholesaler Clearwire go through.
Softbank today went on the offensive as it sought to defend the benefits of its $20.1 billion offer to acquire a 70 percent stake of Sprint Nextel. SoftBank Corp. said it has presented an analysis of its agreed transaction with Sprint and explained to investors why its transaction is superior to what it called...