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Stock Market & Financial Investment News

News Breaks
June 10, 2013
20:57 EDTS, SFTBFSprint, SoftBank amend merger agreement, cash for Sprint holders now $5.50/share
Sprint Nextel (S) and SoftBank (SFTBF) announced that they have amended the previously announced merger agreement between the two companies to deliver greater cash consideration and increased certainty to Sprint stockholders. Sprint’s special committee and board of directors have unanimously approved the amended agreement and have unanimously recommended to stockholders to vote FOR the revised SoftBank transaction. Sprint and SoftBank anticipate closing the SoftBank transaction in early July. Under the amended agreement, SoftBank will deliver an additional $4.5B of cash to Sprint stockholders at closing, bringing the total cash consideration available to Sprint stockholders to $16.64B. The cash available to stockholders has increased by $1.48 per share, from $4.02 to $5.50, based on the June 7 share count. The $4.5B of additional cash at closing will be funded by a reallocation of $3B of SoftBank’s previously proposed $4.9B primary investment in New Sprint and by $1.5B of incremental capital from SoftBank. The price at which SoftBank will acquire shares from current Sprint shareholders will be increased from $7.30 per share to $7.65 per share, a 52% premium to the unaffected trading price prior to announcement in October 2012. As part of the amended agreement, the pricing of SoftBank’s $1.9B primary investment will be increased by 19% from the previously agreed $5.25 per share to $6.25 per share. Pro forma for the transaction, the current Sprint stockholders’ resulting equity ownership in a new Sprint will be 22% while SoftBank will own approximately 78%. SoftBank will continue to invest $1.9B in new Sprint at closing, which in addition to the $3.1B convertible debt investment made by SoftBank in October 2012, brings SoftBank’s total investment in Sprint to $5B.
News For S;SFTBF From The Last 14 Days
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October 24, 2014
12:38 EDTSFCC delays incentive auction until early 2016
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October 20, 2014
13:53 EDTSEarnings Preview: Verizon sentiment mixed ahead of Q3 report
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11:49 EDTSSprint to offer iPad Air 2, iPad mini 3
Sprint (S) announced that it will offer iPad Air 2 with Wi-Fi + Cellular (AAPL) and iPad mini 3 with Wi-Fi + Cellular later this week. iPad Air 2 is the first tablet from Apple to connect to Sprint Spark, an enhanced LTE service with the added capacity to greatly improve the performance of video and other bandwidth-intensive applications. iPad mini 3 will connect to Sprint’s 4G LTE network. Customers can add iPad Air 2 or iPad mini 3 to their Sprint Family Share Pack for an access charge of $10 per month per line. Through December 2015, Sprint will waive the $10 monthly access charge on iPad Air 2 or iPad mini 3 added as new lines of service to any Sprint Family Share Pack 20GB or higher.
October 19, 2014
14:39 EDTSSprint job cuts include 452 at Kansas headquarters, Bloomberg says
According to a filing yesterday with the Kansas Department of Commerce, the job cuts at Sprint that were announced earlier this month, will include 452 positions in Overland Park, Kansas, where the company is headquartered, says Bloomberg. Reference Link
October 14, 2014
08:28 EDTSFTBFSoftbank to acquire DramaFever, terms not disclosed
SoftBank Internet and Media and DramaFever announced a definitive agreement under which SIMI will acquire DramaFever. Morrison & Foerster LLP acted as legal advisor to the SoftBank Group. The Raine Group LLC acted as financial advisor and Gunderson Dettmer acted as legal advisor to DramaFever.
07:54 EDTST-Mobile, Sprint risk turnover courting lower-credit subscribers, WSJ says
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