Sprint Considers Delaying SoftBank Vote To Give Dish Time
Sprint Nextel’s board may delay the June 12 shareholder vote on SoftBank’s takeover proposal as Dish Network works to firm up a $25.5 billion counterbid for the company.
Sprint is seeking a binding offer from Dish, including financing sources and details, to replace the preliminary bid Dish made in April to top the $20.1 billion offer by SoftBank that Sprint’s board approved last October.
Under its agreement with SoftBank, Overland Park, Kan.-based Sprint must hold a shareholder vote within 40 days of a proxy statement it mailed around May 3, so Sprint may have to work with SoftBank to push the vote back.
These negotiations come in the wake of Dish topping Sprint’s merger proposal to take control of the part of Clearwire that it does not already own.
