SoftBank Offers $21.6B for Sprint Nextel

SoftBank and Dish Network continue to duke it out in a long-running battle to acquire wireless service provider Sprint Nextel.

The Japanese company has increased its offer to from $20.1 billion to $21.6 billion, but it still does not match the $25.5 billion in cash and stock offer made by Dish Network in April.

Softbank and the No. 2 satellite television provider in the U.S. have been verbally sparing as each claims to be the best choice to own the No. 3 U.S. wireless carrier.

As part of the new deal proposal, SoftBank has said it will hand over an extra $4.5 billion in cash to Sprint stockholders at closing, “bringing the total cash consideration available to Sprint stockholders to $16.64 billion,” the company said in a press release.

The offer would give SoftBank a 78 percent stake in Sprint, an increase from the originally proposed 70 percent.

“The amended agreement announced today delivers more upfront cash to Sprint stockholders, while still achieving our goal of creating a well-capitalized Sprint that is better positioned to bring meaningful competition to the US market,” said SoftBank chairman and CEO Masayoshi Son.

“Our transaction offers significant value for Sprint stockholders and the opportunity to realize that value in just a few weeks, without the risks associated with any other potential transaction. We look forward to working with the Sprint management team to accelerate the build out of a nationwide LTE network, increase competition in the U.S. market and drive subscriber growth in the years ahead.”

The Dish Network has until June 18 to provide a counter-offer.

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SoftBank Offers $21.6B for Sprint Nextel

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