Sprint Shareholders Approve SoftBank Deal

Posted by at 2:46 pm on June 25, 2013

Sprint today announced that its shareholders have “overwhelmingly” approved SoftBank’s equity acquisition proposal. The vote held today had been delayed several times thanks to competing offers from Dish Networks.

SoftBank recently upped its own offer for Sprint in a saga that has been unfolding since October 2012. Sprint said that 98% of today’s votes were in favor of the proposal, with about 80% of Sprint’s voting shareholders present. The deal already has approval from the Department of Justice, SEC, and other security agencies. It is now only awaiting approval from the Federal Communications Commission.

“Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement,” said Sprint CEO Dan Hesse. “The transaction with SoftBank should enhance Sprint’s long-term value and competitive position by creating a company with greater financial flexibility.” SoftBank is confident that the deal will close next month.

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