Softbank Sets Max Bid Sprint Can Make for Clearwire
Softbank has set a cap on how much Sprint can offer Clearwire in its take-over bid, reports Reuters. Citing people familiar with the situation, Reuters says Softbank won't let Sprint bid more than $2.97 per share for Clearwire. Sprint's initial offer was $2.90 per share, with the deal valued at $2.1 billion. This leaves Sprint little wiggle room with which to negotiate in its hoped-for takeover of Clearwire. Sprint already owns 51% of Clearwire and wants to purchase the remaining 49%. At the same time, Clearwire's investors have indicated that Sprint's $2.90 offer is far too low. Speaking to Reuters, a handful of investors said a per-share price of $5 to $8 would be more acceptable, which is far above the cap set by Softbank. Softbank is in the process of acquiring a 70% stake in Sprint, a separate deal valued at $20.1 billion. None of the companies involved commented on Reuters' story.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
SoftBank Sinks More Money Into Sprint
SoftBank has been snapping up shares of Sprint, increasing its stake recently by as much as $87 million. Despite SoftBank CEO Masayoshi Son's misgivings about the overall acquisition of Sprint, SoftBank said it "is enthusiastic about Sprint's prospects.
SoftBank Closes Acquisition of ARM
SoftBank has finalized its purchase of ARM Holdings. SoftBank runs one of Japan's largest wireless networks and is the majority parent company of Sprint in the U.S., while ARM designs and licenses the Cortex-branded mobile processors often found in today's smartphones and tablets.
Spint, SoftBank to Sell Sony Xperia Phone
Sprint and SoftBank will for the first time sell a flagship smartphone from Sony, according to Reuters and The Wall Street Journal . Sony is prepared to announce new devices at the IFA trade show in Berlin on September 4.
SoftBank to Trim Thousands of Jobs at Sprint
Masayoshi Son, CEO of SoftBank, said the company plans to eliminate thousands of jobs at Sprint in order to reduce costs and aid in the company's turn-around plans. Son made the comments while discussing SoftBank's financial performance, which was impacted negatively by Sprint.
To the CEO of Clear....
You've been NOTHING but a burden on Sprint - much like Nextel.
$5 a share is a slap in the face to the sugar daddy that has kept your **** company alive. Show some respect. I hope Sprint pimp smacks you in the face and lets you and your fail WiMax go under.
I then hope your spectrum gets re-farmed for whole sale prices.