Japan's Softbank said Tuesday it had agreed to increase its takeover bid for Sprint Nextel Corp by $1.5 billion to $21.6 billion, countering a rival bid by U.S. Dish Network Corp.
The Japanese mobile carrier will pay $16.6 billion to Sprint shareholders and $5 billion in capital injection to acquire a 78-percent stake, it said in a statement.
The announcement was made ahead of a scheduled vote on Wednesday for Sprint shareholders on whether to approve the Japanese company's offer. The vote was postponed to June 25 as shareholders were given time to evaluate the amended agreement.
"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," SoftBank chairman and chief executive, Masayoshi Son, said in a statement.
Sprint said in a statement that the revised agreement "creates a deadline of June 18, 2013 for Dish to provide its 'best and final' offer."
Responding to the move on Tuesday, Dish said in a statement, "We will analyze the revised SoftBank bid as we consider our strategic options."
"We continue to believe that Sprint has tremendous value," it said.
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