This morning, Sprint announced their proposed merger with SoftBank cleared another major hurdle, with the shareholders overwhelmingly approving the deal. With 98% of shareholders approving the deal, it’s clear that shareholders are ready for the new company to take shape.
Dan Hesse, CEO of Sprint, had the following to offer:
This takes things a step closer to a newly formed company, with only the FTC needed to approve the deal. For shareholders, the deal gives them $7.65/share, or they can convert their shares 1:1 into the newly formed company. That new company, which will be 78% SoftBank and 22% Sprint owned, should take shape sometime in mid July. Shareholders currently have election ballots for a new board, with the deadline for submission as July 5th.
This effectively brings the Sprint/SoftBank merger drama to a close. Through distractions from Dish Network and SoftBank’s noted interest in T-Mobile, the two companies remained committed to the deal. What we need to see now is added benefit for the consumer. Sprint’s network is severely lacking, and they have a lot of room for improvement elsewhere.
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Sure hope that we, the users, aren’t the one getting screwed in this deal.. Poor reception area’s and relative lack of 4G. Hopefully they will get their act together and finish the 4G promises’ that were supposed to come out with the conception of the 4G/WiMax.