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Daily Digit: $21.6 billion bid for Sprint

Tuesday, Jun 11, 2013 - 01:18

June 11 - $21.6 billion is the new offer from Japanese mobile provider for 78 percent of Sprint- topping a rival bid from Dish network. Bobbi Rebell reports.

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Today's Daily Digit is $21.6 billion. That's the new bid for about 78 percent of Sprint from Japanese mobile operator Softbank. It works out to $7.65 a share for current shareholders. That's up almost 5 percent from $20.1 billion for 70 percent of Sprint from the previous offer. It's trying to beat out a counterbid from Dish Network of $25.5 billion for the whole company. That works out to $7 a share. The Softbank number got strong reaction on Wall Street - Macquarie analyst Kevin Smithen saying shareholders should "take the money and run." Also key - it includes $16.6 billion in cash for Sprint shareholders, along with more than $3 billion of Sprint debt already bought by Softbank, and then about a $2 billion dollar of direct investment in Sprint. That money would be used to build out Sprint's high speed data networks and allow them to better compete with rivals like AT&T and Verizon Wireless. Sprint says that it has ended sales talks with Dish - but they could still put in a "best and final" bid by June 18th. After the sweetened bid by Softbank, the Sprint shareholder decision was pushed back to June 25th.

Daily Digit: $21.6 billion bid for Sprint

Tuesday, Jun 11, 2013 - 01:18

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