Softbank Defends Its Sprint Nextel Buyout Bid
Although it is the frontrunner to buy out of Sprint Nextel Corp. (NYSE: S), Softbank could lose out. Its chief executive officer, Masayoshi Son, claims his offer is superior to one made by Dish Network Corp. (NASDAQ: DISH). But on paper, many people think the Dish offer trumps that of Softbank.
Son's advantage for now is that the Sprint board has tentatively accepted Softbank's offer. However, Sprint's board has set a committee to review the Dish offer and, under a confidentially deal, Dish will start to look at Sprint's books.
MarketWatch reports on the Softbank bid for Sprint Nextel:
Speaking to reporters at the Japanese company's quarterly earnings announcement on Tuesday, Mr. Son said Dish's $25.5 billion bid for Sprint included "misleading" statements because it didn't compare the deal on the same terms as SoftBank's offer.
"Dish's offer includes statements that are misleading. It doesn't compare apples to apples. I want to better explain to shareholders our offer so that they can properly evaluate it," Mr. Son said.
Filed under: 24/7 Wall St. Wire, Mergers and Buy Outs, Telecom Tagged: DISH, S