Today Sprint shareholders overwhelmingly voted to approve a merger with Softbank Corporation. As noted, the deal met approval with “approximately 98 percent” of the shareholders being in favor of the deal. Sprint’s CEO, Dan Hesse, stated that “Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement. The transaction with SoftBank should enhance Sprint’s long-term value and competitive position by creating a company with greater financial flexibility.”
As a part of the deal, Sprint’s shareholders will have the option to receive $7.65 or one of the “New Sprint common stock” for shares already owned. The press release states that “The total cash consideration available to Sprint stockholders is $16.64 billion.”
If all goes well, the deal is expected to be completed early July 2013. For more information, check out the complete press release at the source link below.