SoftBank is continuing its public campaign as it tries to win the favor of Sprint. After a war of words between SoftBank and Dish erupted this week, SoftBank is back on the offensive and encouraging Sprint stockholders to approve its deal. Sprint will be voting on the merger during a special stockholders’ meeting that will be held on June 12, 2013 in Overland Park, Kansas.
According to a SoftBank statement, the SEC has completed its review of the proxy statement/prospectus regarding the Sprint-SoftBank deal. Now that this milestone has been reached, the two companies are preparing for the next stage in the acquisition process. Sprint will be sending out the proxy statement to its stockholders starting May 3rd and will be preparing for the June 12th vote. At the same time, SoftBank will continue to petition the stockholders and promote the financial benefits of its deal.
SoftBank Announces Registration Statement for Sprint Transaction Declared Effective by U.S. Securities and Exchange Commission
Sprint Stockholder Meeting to Approve SoftBank Transaction Set for June 12 and Expectation to Close Transaction in Approximately 8 Weeks
TOKYO–(BUSINESS WIRE)–SoftBank Corp. (TSE: 9984) (“SoftBank”) today announced that the Form S-4 Registration Statement relating to its agreed transaction with Sprint Nextel Corporation (NYSE: S) (“Sprint”) has been declared effective by the U.S. Securities and Exchange Commission (“SEC”). The Form S-4 contains Sprint’s definitive proxy statement related to soliciting the required approval of the SoftBank merger by Sprint stockholders. Sprint is expected to commence the mailing of the definitive proxy statement to its stockholders on May 3rd. SoftBank encourages Sprint stockholders to review the proxy statement and to vote FOR the adoption of the SoftBank merger agreement at the Sprint special stockholders’ meeting to be held on June 12, 2013 in Overland Park, Kansas.
With the SEC review of the proxy statement/prospectus now complete, another significant milestone to closing the Sprint-SoftBank transaction has been achieved. SoftBank continues to work closely with Sprint on receiving the remaining government approvals and anticipates closing on July 1, 2013 pending receipt of these approvals.
SoftBank Holdings Inc. President Ron Fisher said, “The successful completion of the SEC review and the commencing of the mailing of the definitive proxy statement demonstrate the continued rapid progress we are making in closing our transaction with Sprint. We are pleased with this progress and believe that our ability to fund our investment in Sprint within a matter of weeks will enable Sprint to continue and accelerate its capital investment plans in 2013 and beyond. Our investment will better position Sprint to win in the ultra-competitive U.S. wireless marketplace, drive subscriber growth, and create significant shareholder value.”
SoftBank continues to believe its agreement with Sprint creates significantly greater value for Sprint stockholders than the highly-leveraged preliminary proposal put forward recently by Dish Network Corporation.
The Registration Statement and proxy materials related to the merger agreement are available at Sprint’s website at www.sprint.com/investors. If you have any questions or need assistance in voting your shares, please call Sprint’s proxy solicitor and the information agent for the offering, Georgeson Inc., toll free at 1-866-741-9588 (banks and brokers call 212-440-9800). You can also contact SoftBank’s proxy solicitor Morrow & Co., LLC toll free at 1-800-662-5200 (banks and brokers call 203-658-9400).