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US: SoftBank’s surprising backup plan if Sprint bid fails

By  |  June 11, 2013
US: SoftBank’s surprising backup plan if Sprint bid fails

According to unnamed sources, SoftBank has a backup plan if its bid to acquire Sprint fails, though the company announced today it has upped its offer in order to win over rival bidder Dish. Sprint’s shareholder meeting, scheduled for Wednesday, will decide who gets to buy the company: SoftBank, which has offered $21.6 billion – revised from its original $20.1 billion – or Dish Network, which is offering $25 billion. Despite the upped offer, sources say that SoftBank would potentially pursue a takeover of T-Mobile US if its bid for Sprint fails on Wednesday as the Japan-based company looks to enter the US mobile telecommunications market. Despite the alleged backup plan, shareholders approved of SoftBank’s revised offer, which includes a takeover of 78 percent of Sprint instead of the original 70 percent. The companies announced the revised bid Tuesday. While SoftBank has already been cleared by US regulators to acquire Sprint, sources say Dish will not likely back down from its buyout efforts despite the upped offer from SoftBank.

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