Wireless Telecommunications Services
Sprint Nextel Corp and SoftBank Corp Amend Merger Agreement
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%.
Sprint Nextel Corp and SoftBank Corp Amend Merger Agreement
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%.
Dish Network Corp Says Talks on Sprint Nextel Corp Merger Continuing-DJ
Dow Jones reported that Dish Network Corp said it is still negotiating the terms of a potential merger with Sprint Nextel Corp two days before the wireless carrier's shareholders are set to vote on a rival $20.1 billion acquisition offer from Japanese telecommunications company SoftBank Corp.
Mobil'nye TeleSistemy OAO Looking to Buy Internet Provider Akado-PRIME
PRIME reported that Mobil'nye TeleSistemy OAO (MTS) is looking to take steps towards acquiring Internet and pay TV provider Akado Group, MTS President Mr. Alexander Dubovskov told reporters. MTS has already applied to Akado’s shareholders asking to carry out a due diligence, Mr. Dubovskov said. Earlier, business daily Kommersant reported citing market sources that MTS is holding negotiations to buy Akado. The source said then that MTS has already sent an official proposal to Akado’s owners and the document is under discussion. However, a spokesperson for MTS told PRIME that the operator has yet to send any official proposals to Akado’s shareholders. Akado is wireline broadband operator with around 800,000 broadband and pay TV services in Moscow, St. Petersburg, and the Moscow Region.
Altimo Holdings & Investments Limited's Baskindale Limited Not To Proceed With Offer For Shares Of Orascom Telecom Holding SAE
Baskindale Limited (the Offeror), a wholly owned subsidiary of Altimo Holdings & Investments Limited (Altimo), announced that it shall not proceed with the mandatory share offer (the Mandatory Share Offer) to acquire all outstanding ordinary shares (the Shares) of Orascom Telecom Holding, S.A.E. (Orascom Telecom Holding) pursuant to the mandatory share offer document dated April 16, 2013 issued by the Offeror (the Mandatory Share Offer Document) and the memorandum of procedures related to Shares represented by Global Depositary Shares (GDSs) dated April 16, 2013 issued by the Offeror (the GDS Memorandum). On May 27, 2013, the Offeror announced the tender of 834,454,795 Shares (in the form of Shares and Shares represented by GDSs), representing 16% of the total number of outstanding ordinary shares of Orascom Telecom Holding, or 33% of the free float (excluding Shares held by VimpelCom Ltd or its subsidiaries). Whereas the tenders under the Mandatory Share Offer did not meet the minimum acceptance condition, the Egyptian Financial Supervisory Authority (EFSA) granted its consent for the Mandatory Share Offer to proceed provided that holders of Shares were allowed a period during which to withdraw in response to such consent. Following discussions with EFSA, the Offeror has decided not to proceed with the Mandatory Share Offer since the extended period would not allow holders the right to tender as well as to withdraw.
Clearwire Corp's Special Committee To Review Unsolicited Tender Offer From DISH Network Corp
Clearwire Corp acknowledged that DISH Network Corp has commenced an unsolicited cash tender offer to acquire all outstanding common shares of Clearwire at a price of $4.40 per share. In light of this development, and pursuant to the discretionary authority granted to the chairman of the meeting by Clearwire's bylaws, the Company plans to adjourn its Special Meeting of Stockholders, which is scheduled to be held at 10:30 a.m. Pacific time on May 31, 2013, without conducting any business. The Special Meeting of Stockholders will reconvene on June 13, 2013, at 10:30 a.m. Pacific time at the Highland Community Center, 14224 Bel-Red Road, Bellevue, Washington, 98007. The record date for stockholders entitled to vote at the Special Meeting remains April 2, 2013. The Special Committee of Clearwire's board of directors (the Special Committee) has determined, consistent with its fiduciary duties, that it will engage with DISH to discuss, negotiate and/or provide information in connection with the DISH Proposal. Consistent with its fiduciary duties and as required by applicable law, the Special Committee, in consultation with its independent financial and legal advisors, will promptly review the offer to determine the course of action that it believes is in the best interests of Clearwire's non-Sprint Class A stockholders.
Dish Network Corp Announces Tender Offer in Letter to Clearwire Corp Board of Directors
Dish Network Corp announced that it has sent a letter to Clearwire Corporation with an offer to acquire Clearwire Corp for $4.40 per share in cash. DISH is making this offer public in light of the limited time remaining prior to the Clearwire stockholders' meeting to be held on May 31, 2013. DISH intends to commence a tender offer for the outstanding Clearwire shares prior to that meeting.
Sprint Nextel Corp And Softbank Corp Reach Deal With U.S. Over Security Concerns-Reuters
Reuters reported that Sprint Nextel Corp and SoftBank Corp have reached an agreement with U.S. authorities on the national security aspects of the Japanese firm's pending $20.1 billion deal to win control of the U.S. wireless carrier. As a part of that agreement, the U.S. government will have a veto over new equipment purchases by Sprint in certain circumstances if the two companies merge. The government will also establish a four-member oversight committee to make sure the companies abide by their national security promises. A Sprint board member will sit on that committee. SoftBank agreed to buy a 70% stake in Sprint last October. That deal faces a challenge from Dish Network Corp, a U.S. satellite TV provider which last month launched a rival $25.5 billion bid for Sprint.
Altimo Holdings & Investments Limited's Baskindale Limited Announces Offer For Shares Of Orascom Telecom Holding SAE
Baskindale Limited (the Offeror), a wholly owned subsidiary of Altimo Holdings & Investments Limited (Altimo), announced the results of the mandatory share offer (the Mandatory Share Offer) to acquire all outstanding ordinary shares (the Shares) of Orascom Telecom Holding, S.A.E. (Orascom Telecom Holding) pursuant to the mandatory share offer document dated April 16, 2013 issued by the Offeror (the Mandatory Share Offer Document) and the memorandum of procedures related to Shares represented by Global Depositary Shares (GDSs) dated April 16, 2013 issued by the Offeror (the GDS Memorandum). The Offeror announces the tender of 834,454,795 Shares (in the form of Shares and Shares represented by GDSs), representing 16% of the total number of outstanding ordinary shares of Orascom Telecom Holding, or 33% of the free float (excluding Shares held by VimpelCom Ltd or its subsidiaries). At an offer price of USD0.70 per share, this equates to a total purchase price of approximately USD585 million. Notwithstanding that the tenders under the Mandatory Share Offer have not met the minimum acceptance condition of 26.16%, the Offeror would like to proceed with the purchase of those Shares tendered and has accordingly applied to the Egyptian Financial Services Authority for consent to proceed.
Sprint Nextel Corp Submits Increased Offer for Clearwire Corp
Sprint Nextel Corp announced that it has submitted an increased offer to the Board of Directors of Clearwire Corp to acquire the approximately 50% stake in the company it does not currently own for $3.40 per share, valuing Clearwire at $10.7 billion. This increased offer represents a 14% premium to Sprint`s previous offer of $2.97 announced on Dec. 17, 2012 and a 162% premium to Clearwire's closing share price the day before the Sprint-SoftBank discussions were first confirmed in the marketplace on October 11, 2012 when Clearwire was also speculated to be a part of that transaction.
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Sector Summary
| Energy |  +0.35% |
| Basic Materials | +0.49% |
| Industrials | +1.07% |
| Cyclical Goods & Services | +0.93% |
| Non-Cyclical Goods & Services | +0.34% |
| Financials | +0.66% |
| Healthcare | +0.69% |
| Technology | +0.73% |
| Telecoms | +1.14% |
| Utilities | +0.37% |
| DOW | 15,318.23 | +138.38 |
+0.91% |
| S&P 500 | 1,651.81 | +12.77 |
+0.78% |
| NASDAQ | 3,482.18 | +30.05 |
+0.87% |
| TR US Index | 149.80 | +1.17 |
+0.79% |
-3.11Analyst Research
| Report Title | Price |
|---|---|
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Provider: Renaissance Capital
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$92.00
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Provider: Renaissance Capital
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$92.00
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Provider: GlobalData
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$125.00
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Provider: GlobalData
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$125.00
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Provider: GlobalData
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$125.00
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