When SoftBank Corp President Masayoshi Son visits the US this week to meet with Sprint Nextel Corp's major shareholders, he may receive a cold reception. His trip is to seek support for his company's bid to takeover the third largest wireless service provider in the United States.
The bid by SoftBank consists of a 70% shareholder's stake in Sprint-Nextel. He is looking forward to discussions with other shareholders in order solidify votes in fending off the US$25.5 billion bid from Dish Network.
Many analysts see that this would be an uphill climb for the billionaire CEO, as many shareholders have told Reuters that Softbank needs to up the ante prior to the June 12 shareholder's meeting so that his bid would still be reconsidered.
Two of the largest shareholders in Sprint, namely Paulson & Co and Omega Advisors have said that the Dish offer is better than SoftBank's bid. Other shareholder said they would go to the Son meet and greet but remain skeptical of the critique of Dish's bid.
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