You may remember that late last year Softbank decided to offer Sprint a juicy deal that would give the Japanese carrier a 70% stake in the US’ third largest carrier. Well we’ve been hearing that Dish has been interested in buying out Sprint as well. But since Softbank improved their offer for Sprint, Dish has dropped out of the picture. Which is laying the ground work for another multi-national carrier. The new offer included more cash to shareholders which solidified the support of those shareholders.
We had reported last week that Softbank was looking at T-Mobile in case the Sprint deal did not work out. But now it appears that Softbank is confident that their deal with Sprint will close around the July timeframe.
There was a shareholders meeting this week, where Masayoshi Son who is the CEO of Softbank, cautioned that Dish could still counter with a better offer before the shareholders meeting on June 25th. He quipped “we don’t know what could happen before the meeting, but we took a big step forward after Dish missed the deadline to make a new proposal.”
In the middle of all of this is Clearwire. Which Spring has owned part of for quite a while now. They were looking to purchase the rest of the company, and has recently improved the offer on Clearwire. The Softbank acquisition hinged on Sprint owning Clearwire outright, which prompted Sprint to offer $5/share, a $0.60 premium over what Dish was offering. That has pleased a group of Clearwire shareholders that were not impressed with Sprint’s original plan.
So it looks like soon, Sprint will be majority owned by Softbank. Which means they can pump a ton of money into the carrier and hopefully improve their network. I really do like Sprint (I was with them for about 5-6 years), but their network could use some help. I’m sure I speak for everyone here when I say, I hope Softbank can give them that help.