Softbank confirms it intends to close Sprint deal by July 2013

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Dish may be courting Sprint with $25B in cash and stock, but Softbank still believes that it will win the hand of the US carrier in the long run. According to a report in AllThingsD, Softbank released a statement that confirms it intends to acquire a majority interest in Sprint by July 2013.

SoftBank believes that the agreed terms of our transaction with Sprint offer Sprint shareholders superior short and long term benefits to Dish’s highly conditional preliminary proposal. The SoftBank-Sprint transaction is in the advanced stages of receiving the necessary approvals, and we expect to consummate the transaction on July 1, 2013.

Softbank announced in October of last year that it submitted an offer to buy a 70 percent stake in Sprint for $20.1 billion. Dish’s recent counteroffer of $25B was unsolicited and caused Sprint’s stock to jump 17.8 percent on Monday. Sprint said it would evaluate the Dish proposal, but declined requests for further comment on the Softbank deal.

[Via AllThingsD]

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