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NewsPoster Jun 25, 2013 03:07 PM
Sprint shareholders approve $21.6B SoftBank acquisition offer
Shareholders in Sprint have "overwhelmingly" approved the <a href=" e/" rel='nofollow'>proposal</a> by SoftBank to acquire with the carrier. A vote saw approximately 98 percent of votes cast in favor of the deal at a special shareholders meeting earlier today, which now leaves only the Federal Communications Commission as the last regulator to weigh in before the deal can be completed. <br />
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The approval from Sprint shareholders is possibly the penultimate step in completing the deal, as it has already received approval from the Securities and Exchange Commission <a href=" .july.1st/" rel='nofollow'>last month</a>, as well as the US Department of Justice. If all goes well at the FCC, the agreement can be completed by July. <br />
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The original proposal was valued at $20 billion, but after Sprint received a second offer from <a href="" rel='nofollow'>Dish Network</a> for $25.5 billion, SoftBank was forced to increase its offer to $21.6 billion. Shortly after the increase, Dish <a href=" tbank/" rel='nofollow'>withdrew</a> its offer, claiming that the deal was "impracticable" due to Sprint prematurely terminating a period of due diligence and accepting "extreme deal protections in its revised agreement with SoftBank."<br />
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Shareholders should receive $7.65 per share, or an option to convert their Sprint stock into shares in the new company, with the total compensation package claimed to be worth $16.64 billion. SoftBank will end up owning a majority in the new company, with a roughly 80:20 split in ownership in favor of the Japanese carrier. <br />
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Dish, free from its attempt to acquire Sprint, is now attempting to acquire Clearwire.
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