On Tuesday, Sprint Nextel Corp's shareholders voted in favor of a sweetened takeover offer. The bid was from SoftBank Corp, a Japanese company hoping to take a jump in the US market. This ended the much talked about takeover battle for Sprint, the No.3 US wireless service provider.
SoftBank fought Dish Network Corp to buy Sprint. Now, it only needs approval from the US telecoms regulator, the Federal Communications Commission to close the deal.
Sprint stated that about 80% of its outstanding shareholders voted in favor of the US$21.6 billion takeover bid. This would leave SoftBank owning 78% of the company.
Last June 10, SoftBank raised its bid to US$21.6 billion from US$20.1 billion. The company also increased the component of the deal for Sprint's shareholders by US$45.5 billion. This overthrew the takeover bid from Dish and gained support from Sprint's second largest shareholder, Paulson & Co.
Dish Network Corp abandoned its efforts to acquire Sprint after SoftBank raised its bid.
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