In a statement, Softbank Corp said that its offer for 70% of Sprint Nextel Corp at US$20.1 billion stands and there is no need to improve it. This was the decision despite the unsolicited bid coming from Dish Network Corp.
According to Softbank's founder and billionaire executive Masayoshi Son, it was impossible to make an apples-to-apples comparison between the two competing bids. This statement comes after being tight-lipped regarding the US$25.5 billion bid since it was made earlier this month during a briefing on the matter.
Son was asked if he was considering modifying the terms of his offer and his response was, "There is absolutely no need for that since we believe our offer is above theirs."
Softbank reported a 745 billion yen (US$7.59 billion) operating profit for the year ending March 31, 2013, an increase of ten percent from the previous year. The forecast for this years profits is between 800 and 900 billion yen.
The deal for Sprint was announced last October as it searches for growth abroad as the Japanese market is at a lull with large competitors crowding out one another.
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