Economy

SoftBank To Quit Sprint-T-Mobile Merger Negotiations

Japan's SoftBank Group Corp (TYO:9984) is reportedly planning to break off merger talks between subsidiary Sprint Corp (NYSE:S) and T-Mobile US Inc (NASDAQ:TMUS) due to a failure to agree on ownership of the combined company.

SoftBank will propose ending the talks as early as Tuesday, Nikkei said. Nikkei Asian Review is reporting that SoftBank, the Japanese telecom giant that owns Sprint, has chose to pull out of the deal "amid a failure to agree on ownership of the combined entity". The companies had been ironing out final terms of the merger in the hopes of announcing a deal in mid- to late November, people familiar with the matter told Bloomberg earlier this month.

SoftBank's board, which includes Sprint CEO Marcelo Claure, "discussed at a meeting Friday that the company would not give up control" in a merger, the report said.

Sprint shares dropped more than 8 percent, while T-Mobile stock dropped 3.6 percent after the report. Deutsche Telekom had 134 analyst reports since July 21, 2015 according to SRatingsIntel.

Sprint is half the size of T-Mobile, but SoftBank still thought it deserved a controlling stake.

An unconfirmed report Monday said Sprint's long awaited merger with rival T-Mobile is about to unravel. But no single-day change can erase the fact that T-Mobile is now valued at over $52 billion, more than double Sprint's $25.9 billion market cap. Under former President Barack Obama's administration, officials fended off a previous attempt by SoftBank to merge Sprint with T-Mobile. But SoftBank's board discussions were about not giving up control.



Like this

Latest


30 October 2017
Federal Court Blocks Trump's Transgender Military Ban
As the news spread on Twitter, transgender people and advocates shared their relief that at least the ban had been blocked. The Department of Defense is tasked with implementing the ban by February 2018.

30 October 2017
Violent New Trailer Released For The Last of Us Part II
We didn't see any Ellie or Joel, but we do see a new female character getting lynched by some religious whackadoodles. Sony's Paris Games Week event has just finished and the closing act was a new trailer for The Last Of Us Part II .

30 October 2017
Korean murder suspect a NZ resident
The man who arrived in New Zealand from Korea earlier this week was arrested around 5:30pm today and is in Police custody. The man will appear in court again on Wednesday where name suppression is expected to be lifted.

30 October 2017
Introduced NCERT Books in Madrasas after consulting board: Dinesh Sharma
The government earmarked Rs 394 crore towards imparting modern education in recognised madarsas and elementary schools. The Yogi government had allocated about Rs 1,700 crore towards minorities' welfare in the state's budget for 2017-18.

30 October 2017
Stoke midfielder Allen laughs off bust-up with 'good guy' Deeney
Premier League rules dictate that we can not show you footage of the altercation but the below picture essentially sums it up. They will go up against a Stoke side who are vying to win four consecutive games for teh first time since 2004.

30 October 2017
Air Products and Chemicals' (APD) Buy Rating Reiterated at SunTrust Banks, Inc
State Street Corp lifted its position in Air Products and Chemicals by 2.8% in the 2nd quarter. (NYSE:APD) for 70,369 shares. Nepsis Capital Management Inc increased Baidu Inc (NASDAQ:BIDU) stake by 4,635 shares to 40,505 valued at $7.25M in 2017Q2.

30 October 2017
Punjab: 16-year-old girl dies after gangrape; case registered
As per the complaint, the victim was taken to nearby fields where she was gangraped by the three youth. She is said to have died of profuse bleeding.

30 October 2017
SpaceX Falcon 9 rocket to launch Korean Communications Satellite on Monday
As has become customary, SpaceX will attempt a landing on the Atlantic Ocean-based drone ship " Of Course I Still Love You ". SpaceX's coverage of the launch will likely start about 15 minutes before launch time, so be sure to check back then.

30 October 2017
Assenagon Asset Management SA Acquires New Stake in Campbell Soup Company (CPB)
The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link . The stock of Campbell Soup Company (NYSE:CPB) earned "Sector Perform" rating by RBC Capital Markets on Friday, September 2.

30 October 2017
Destiny 2: Curse of Osiris expansion due out December 5
While Bungie has supported the game with special events, we now know when its first substantial expansion pack will launch. Titled Curse of Osiris , the trailer goes in-depth on what players' main mission will be.



Recommended