Deals
Holders of 97% of Sprint to Get Cash in SoftBank Takeover
This article is for subscribers only.
Sprint Nextel Corp. investors mostly opted to receive cash rather than stock in SoftBank Corp.’s takeover of the wireless carrier, creating more demand than SoftBank could accommodate.
Of the 3 billion shares outstanding as of July 5, holders of about 53 percent elected to get cash and 44 percent didn’t make a choice, which means they will receive cash, Sprint and SoftBank said in a statement today. Because the available cash consideration was oversubscribed, they stand to get approximately $5.65 in cash for each share and 0.26 shares of new Sprint common stock.