The CEO of Softbank has said he sees no need to raise the company’s offer for Sprint Nextel because it is already superior to Dish Network’s.
Presenting the Japanese telco’s 2012 results Masayoshi Son claimed that although Softbank’s offer…
The CEO of Softbank has said he sees no need to raise the company’s offer for Sprint Nextel because it is already superior to Dish Network’s.
Presenting the Japanese telco’s 2012 results Masayoshi Son claimed that although Softbank’s offer looked lower than Dish’s, post-synergies it was actually 21% higher.
“Why would we increase our offer for Sprint, we are already providing a better deal than Dish,” Son said.
He reiterated that Softbank was on track to close the transaction by 1 July 2013, whereas in his view Dish would have to wait until 2014 because it has its own spectrum which the US regulator would want to examine. Dish has said previously that a deal could close in autumn 2013.
Son also said Dish’s proposal led to considerably more leverage than Softbank’s plan, and that Dish’s deal structure was more complicated. While Softbank’s deal was already fully financed Dish had only uncommitted financing, he added.
Sprint shareholders are set to vote on Softbank’s offer at an EGM on 12 June.
