Welcome to the MacNN Forums.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

You are here: MacNN Forums > News > Tech News > SEC approves SoftBank offer to Sprint, Dish chairman attacks proposal

SEC approves SoftBank offer to Sprint, Dish chairman attacks proposal
Thread Tools
MacNN Staff
Join Date: Jul 2012
Status: Offline
Reply With Quote
May 2, 2013, 01:20 PM
 
The Securities and Exchange Commission has approved the proposal from SoftBank to buy out Sprint. While shareholders in the US carrier are expected to discuss and vote on the deal at a meeting next month, the chairman of Dish Network has made comments against the proposal, citing the need for Sprint's network to be upgraded by US teams.

The vote meeting is scheduled for June 12th and will be held in Overland Park, Kansas. Shareholders will be mailed a proxy statement by Sprint ahead of the vote, and so long as the proposal is given the final OK from the voters, SoftBank hopes to close the deal on July 1st.

Dish chairman Charlie Ergen, in an interview with USA Today on Wednesday, reaffirmed the $25.5 billion rival bid from Dish as the better option compared to SoftBank's $20.1 billion deal. "We're offering a higher price. That's just math," claimed Ergen, before commenting on the potential effectiveness of SoftBank employees in working on Sprint's towers. "We are an American company, and the modernization of Sprint's network will have to be done for the US. You have to climb the towers here, and you'll have to have US employees who speak English."

Ergen's comments come after SoftBank CEO Masayoshi Son stated he believed there to be "absolutely no need" for a sweetening of the proposal, since "we believe our offer is above theirs." During the SoftBank financial results, Son proceeded to explain how SoftBank's proposal exceeded that of Dish in "eleven key areas," and that the transaction in total is worth 21-percent more, despite the size of Dish's offer.

Speaking about what was mentioned during the SoftBank results conference call, Ergen found the tone to be unsettling, finding it to be "more personal attack and personality than it was about business," adding "It's insulting to managers of Sprint to say that the only team that knows how to build a network is in Japan." In the end, Ergen believes the Sprint shareholders will decide on which deal is better from the numbers, "That's the way capitalism works in the US."
( Last edited by NewsPoster; May 2, 2013 at 01:21 PM. )
     
   
Thread Tools
Forum Links
Forum Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Top
Privacy Policy
All times are GMT -4. The time now is 11:35 AM.
All contents of these forums © 1995-2014 MacNN. All rights reserved.
Branding + Design: www.gesamtbild.com
vBulletin v.3.8.8 © 2000-2014, Jelsoft Enterprises Ltd., Content Relevant URLs by vBSEO 3.3.2