Sprint shareholders approve Softbank merger as Dish gives up on wireless

SoftBank may go for T-Mobile USA if it fails to acquire Sprint

The merger between Sprint and SoftBank is moving forward after an attempt by Dish Network to acquire the struggling US communications company failed. According to Reuters, Dish network officially withdrew its bid on Sprint and on Clearwire in the past weeks, marking the end of the company’s push into the wireless industry.

On the Sprint-SoftBank front, Sprint shareholders approved a SoftBank merger that would give the Japanese company ownership over 78 percent of the company. The SoftBank deal will bring $21.6B to Sprint, up from $20.1B after Dish Network tried to lure Sprint away.

Besides its own acquisition, Sprint has also been trying to buy out the remaining stakes in Clearwire. The company has been battling Dish Network and recently won out when it upped its bid from $3.40 per share to $5 per share. Dish Network had bid $4.40 per share to acquire the WiMAX provider, but bowed out the bidding war after Sprint trumped its offer by 60-cents per share. Clearwire shareholders are expected to vote on the Sprint offer on July 8th.

[Via Reuters(1), Reuters(2)]

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