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Sprint Nextel Corp and SoftBank Corp Amend Merger Agreement


Monday, 10 Jun 2013 08:19pm EDT 

Sprint Nextel Corp and SoftBank Corp announced that they have amended the previously announced merger agreement (the Merger Agreement) between the two companies to deliver greater cash consideration and increased certainty to Sprint stockholders. Sprint`s Special Committee and Board of Directors have unanimously approved the amended Merger Agreement and have unanimously recommended to stockholders to vote FOR the revised SoftBank transaction. Sprint and SoftBank anticipate closing the SoftBank transaction in early July 2013, as previously communicated. Under the amended Merger Agreement, SoftBank will deliver an additional $4.5 billion of cash to Sprint stockholders at closing, bringing the total cash consideration available to Sprint stockholders to $16.64 billion. The cash available to stockholders has increased by $1.48 per share, from $4.02 to $5.50. The $4.5 billion of additional cash at closing will be funded by a reallocation of $3 billion of SoftBank`s previously proposed $4.9 billion primary investment in New Sprint and by $1.5 billion of incremental capital from SoftBank. As part of the amended Merger Agreement, the pricing of SoftBank`s $1.9 billion primary investment will be increased by 19% from the previously agreed $5.25 per share to $6.25 per share. Pro forma for the transaction, the current Sprint stockholders` resulting equity ownership in a stronger, more competitive New Sprint will be 22% while SoftBank will own approximately 78%. 

Company Quote

61.5
-0.3 -0.40%
26 Dec 2014