Japan's SoftBank took a step closer to acquiring the third largest wireless operator in the U.S., as 98 percent of Sprint shareholders approved the merger. June 25, 2013 8:53 AM PDT The fight for ownership of Sprint Nextel is drawing to a close, as Sprint shareholders overwhelmingly voted to approve an offer to buy the company from Japan's SoftBank. Approximately 98 percent of the votes cast on Tuesday supported SoftBank's offer. The deal must still be approved by the Federal Communications Commission. But Softbank believes the deal should close in early July. "Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement," Sprint CEO Dan Hesse said in a statement. "The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility." Satellite TV provider Dish Network had also been vying for the company. But it dropped its offer last week, deciding instead to focus its efforts on acquiring Clearwire, a company that Sprint has also said it plans to acquire. Sprint is a majority shareholder already in Clearwire, and it announced in December to buy the remaining portion of the company.
Japan's SoftBank took a step closer to acquiring the third largest wireless operator in the U.S., as 98 percent of Sprint shareholders approved the merger.
The fight for ownership of Sprint Nextel is drawing to a close, as Sprint shareholders overwhelmingly voted to approve an offer to buy the company from Japan's SoftBank.
Approximately 98 percent of the votes cast on Tuesday supported SoftBank's offer. The deal must still be approved by the Federal Communications Commission. But Softbank believes the deal should close in early July.
"Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement," Sprint CEO Dan Hesse said in a statement. "The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility."
Satellite TV provider Dish Network had also been vying for the company. But it dropped its offer last week, deciding instead to focus its efforts on acquiring Clearwire, a company that Sprint has also said it plans to acquire. Sprint is a majority shareholder already in Clearwire, and it announced in December to buy the remaining portion of the company.
