Softbank’s Sprint Bid Seen Surviving U.S. Review
Sprint Nextel Corp. (S) said it expects the U.S. Justice Department’s review of its agreement to sell a majority stake to Softbank Corp. (9984) to be completed within an initial 30-day review period and won’t warrant an extended investigation.
Under the Hart-Scott-Rodino antitrust law, if regulators need more time to analyze a transaction, they can issue a “second request” extending the review period beyond 30 days.
“We expect the Justice Department antitrust review will be complete within the initial 30-day waiting period, without the need for a second-phase investigation,” John Taylor, a spokesman for Overland Park, Kansas-based Sprint, said today in a telephone interview. “We don’t expect significant regulatory concerns.”
Taylor said the companies haven’t yet filed for antitrust approval. Sprint has said it expects the deal to win all regulatory approvals required by mid-2013 when it expects to close the transaction.
Gina Talamona, a Justice Department spokeswoman, declined to comment on the possible review.
Editors: Fred Strasser, Michael Hytha
To contact the reporter on this story: Sara Forden in Washington at sforden@bloomberg.net.
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.
Softbank Bid for Sprint Stake Seen Surviving U.S. Agency Review
Kiyoshi Ota/Bloomberg
Softbank Corp. would provide much-needed financial support for Sprint Nextel Corp. as the U.S. third-largest carrier tries to compete with bigger rivals Verizon Wireless and AT&T.
Softbank Corp. would provide much-needed financial support for Sprint Nextel Corp. as the U.S. third-largest carrier tries to compete with bigger rivals Verizon Wireless and AT&T. Photographer: Kiyoshi Ota/Bloomberg
Oct. 15 (Bloomberg) -- David Chao, co-founder of DCM, talks about Softbank Corp.'s agreement to buy a stake of about 70 percent in Sprint Nextel Corp. for $20.1 billion and Softbank President Masayoshi Son's leadership. Chao speaks with Jon Erlichman on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)
Oct. 15 (Bloomberg) -- Christopher King, an analyst at Stifel Nicolaus & Co., discusses Softbank Corp.'s agreement to pay $20.1 billion to acquire about a 70 percent stake in Sprint Nextel Corp. King speaks with Scarlet Fu on Bloomberg Television's "Surveillance." (Source: Bloomberg)
Oct. 15 (Bloomberg) -- Christopher Larsen, an analyst at Piper Jaffray & Co., discusses Softbank Corp.'s agreement to pay $20.1 billion to acquire about a 70 percent stake in Sprint Nextel Corp and the outlook for Sprint's stock. He speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)
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