Japanese mobile operator SoftBank Corp said it agreed with Sprint Nextel Corp to raise its offer for the U.S. wireless carrier to $21.6 billion from $20.1 billion, as it fights off a counter bid by Dish Network Corp.SoftBank's amended offer, Japan's biggest outbound deal, won the backing of hedge fund Paulson & Co, Sprint's second-biggest shareholder, which had earlier supported the Dish bid. Paulson said it would vote all its shares in favour of SoftBank's improved offer.Under the new deal, SoftBank will purchase shares from current Sprint shareholders at $7.65 each, up from the previous offer of $7.30 per share. The Japanese firm, led by billionaire founder Masayoshi Son, will increase its cash injection to Sprint shareholders to $16.6 billion, up by $4.5 billion, and will end up with 78 percent of Sprint, up from 70 percent in its previous bid, the companies said in a statement on Tuesday.The revised agreement came a day before Sprint shareholders were due to vote on SoftBank's offer, which is up against a rival bid from U.S. satellite TV provider Dish Network worth $25.5 billion. That meeting has been put back until June 25.
DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH fell by 0.72% or $-0.28/share to $38.86. In the past year, the shares have traded as low as $26.12 and as high as $40.34. On average, 3176820 shares of DISH exchange hands on a given day and today's volume is recorded at 1055495.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S fell by 0.83% or $-0.06/share to $7.18. In the past year, the shares have traded as low as $2.80 and as high as $7.50. On average, 55489300 shares of S exchange hands on a given day and today's volume is recorded at 38020128.
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