SoftBank Corp President Masayoshi Son came out swinging on Tuesday against Dish Network Corp's rival bid for Sprint Nextel Corp , saying the satellite TV company would cripple Sprint with debt and was ill-prepared to run a wireless service.Billionaire Son said there would be no need for SoftBank to sweeten its bid and he dismissed Dish's $25.5 billion offer as "incomplete and illusory." He argued his $20.1 billion offer would ultimately be better value for Sprint shareholders.Son, who plans to make a U.S. trip to plead his case with Sprint shareholders, calculated that SoftBank's bid is worth 21 percent more than the Dish offer after items, including synergies, debt, break-up fees and the timing for a deal close are taken into account."Our price offer is better than theirs. Our timing is one year quicker at least. Our leverage is much more healthy," Son told a packed news conference in Tokyo. "(Their) financing is uncommitted. We are committed."
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S fell by 0.98% or $-0.07/share to $7.05. In the past year, the shares have traded as low as $2.32 and as high as $7.35. On average, 48841400 shares of S exchange hands on a given day and today's volume is recorded at 60134496.
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