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US: Will shareholders stop Sprint buyout by SoftBank?

By  |  June 7, 2013

A lawsuit initiated by Sprint shareholders concerning SoftBank’s $20.1 billion offer to buy out the US mobile telecommunications company got underway Friday morning as plaintiffs’ lawyers argued that the deal favors SoftBank over existing Sprint shareholders. District Judge Thomas M. Sutherland in Kansas heard the first arguments Friday as plaintiffs made their case to delay Sprint’s shareholder vote, currently scheduled for June 12. According to reports, if the deal were to go through SoftBank would control 70 percent of Sprint. Despite the plans to vote on the deal, Sprint is reportedly still in talks with Dish, which has offered to buy Sprint for $25.5 billion.

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