Sprint Finalizes Tender Offer for iPCS Shares
Sprint today announced that it has completed the first step necessary to acquire affiliate iPCS. A large percentage of iPCS stockholders accepted the tender offer of $24 per share, representing about 62.8% of iPCS' total shares. Two more steps are necessary to make the acquisition complete. Sprint expects to close a "top-up" round on Friday, December 4, whereby it will own 90% of all iPCS shares. Once that is complete, Sprint will then complete a short-term merger with iPCS and acquire the remaining shares at the same price of $24 each.
Sprint Takes a 33% Stake In Music Service Tidal
Sprint today said it has acquired a 33% stake in Tidal, a music and entertainment platform. Sprint plans to make Tidal's service available to its 45 million retail customers.
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 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.
Sprint Hangs Up on Dan Hesse, Names New CEO
Sprint today announced it has named Marcelo Claure as President and CEO of the company, who replaces Dan Hesse. Claure already served on Sprint's board of directors, and is the Founder and CEO of Brightstar Corp.