It’s Another Big Week in the Sprint Takeover Saga as Shareholder Vote Looms
The battle over Sprint Nextel will reach a key milestone this week as its shareholders are slated to vote on a proposal by Japan’s SoftBank to acquire a controlling interest in the company.
Wednesday’s vote, though, could be delayed as a committee of Sprint’s board continues to weigh a competing offer from Dish Network. That committee has to decide whether Dish’s overtures are likely to lead to an offer that is superior to the bid put forth by SoftBank.
So far, the company has not publicly indicated a plan to change the June 12 vote.
“We have scheduled the meeting for June 12th and have made no announcement otherwise,” a Sprint representative said, when asked whether the company could delay the vote.
The SoftBank deal has already won approvals from state regulators and a number of federal agencies. On Friday, Sprint said it was adding retired Adm. Mike Mullen to its board as part of a national security agreement with the U.S. government.
Meanwhile, even as SoftBank pushes for Sprint, Reuters is reporting that the company is looking at T-Mobile as a potential “Plan B” acquisition target.