It's no secret that the vast majority of what wireless executives say in public is not surprising. Usually it's a recitation of phrases, talking points and ideas they have made in the past that they are simply reinforcing. However, every once in a while, in an interview or unguarded moment, wireless executives can let loose a whopper.
SoftBank CEO Masayoshi Son said that Sprint investors need to be patient as the carrier undergoes the next chapter in its turnaround under SoftBank control, and warned that real progress might take another two years to achieve.
Japanese operator SoftBank now owns more than 80 percent of Sprint, a move that was made largely for tax purposes.
SoftBank CEO Masayoshi Son indicated that Sprint could cut service pricing in the future as SoftBank seeks to revitalize Sprint and make it more competitive in the United States now that its acquisition of the carrier is official.
Our long national nightmare is nearly over. After months of handwringing, Sprint Nextel's shareholders have approved SoftBank's offer to acquire a controlling 78 percent stake for $21.6 billion, and SoftBank finally has the opportunity to prove that it truly knows how to shake up the U.S. mobile market.
Sprint Nextel shareholders overwhelmingly approved Japanese operator SoftBank's offer to acquire 78 percent of Sprint in a $21.6 billion deal, handing SoftBank and its CEO Masayoshi Son a major victory in SoftBank's quest to outbid Charlie Ergen's Dish Network.
Dish Network has formally given up all attempts to buy Sprint Nextel, according to a regulatory filing, clearing the way for Japan's SoftBank to take control of Sprint and try to turn it into a more powerful force in the U.S. wireless market.
Now that Dish Network has said it will not make a new offer for Sprint Nextel, clearing the way for SoftBank to get control of Sprint, the most intriguing M&A question is: What will happen to Clearwire, which Dish and Sprint are both pursuing?
SoftBank's increased offer for Sprint Nextel indicates SoftBank CEO Masayoshi Son is prepared to go the distance. It is entirely possible that Dish Network's Charlie Ergen will increase his own bid for Sprint, but if Ergen is ultimately unable to defeat Son, what will Ergen do next?
Japan's SoftBank increased its bid for Sprint Nextel by 7.5 percent to $21.6 billion in an effort to counter Dish Network's competing $25.5 billion bid for Sprint. However, in a blow to Dish's prospects to seal the deal, Sprint said it has ended talks with Dish and that the special committee of its board that is evaluating Dish's proposal found that it "is not reasonably likely to lead to a 'superior offer'" as defined in Sprint's agreement with SoftBank.