SoftBank wins shareholder majority to take over Sprint

06/26/2013 | Bloomberg · Wall Street Journal, The

Sprint Nextel shareholders overwhelmingly gave their blessing Tuesday to SoftBank's $21.6 billion offer to take control of the No. 3 U.S. carrier after the Japanese telecom had to submit an eleventh-hour sweetener to insure its victory over Dish Network. SoftBank, which is expected to close the deal in early July, now will set its sights on completing Sprint's 4G network build-out and making acquisitions to better compete against its rivals, analysts said. "SoftBank can focus on building a better wireless-data network that is needed to compete with AT&T and Verizon," said BTIG analyst Walt Piecyk.

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