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- | M&A
- | On the move
- Thursday, May 23, 10:28 PM DISH moves closer to getting financing for its $25.5B bid for Sprint (S), receiving signed commitment letters from 5 banks for $9B, reports the WSJ. Dish hasn't yet paid commitment fees as Charlie Ergen is waiting for Sprint's board to declare Dish's offer potentially superior to SoftBank's (SFTBF.PK) $20.1B bid. Earlier, Dish responded to SoftBank's touting of the benefits of it gaining control of Sprint. 4 Comments [M&A]
- Thursday, May 23, 3:49 PM Getting the go-ahead from the CA Public Utilities Commission, Sprint (S) and SoftBank (SFTBF.PK) announce they've received all necessary state regulatory approvals for their transaction (Softbank's purchase of a majority stake in Sprint). Next up is the FCC and a government panel which reviews foreign investments. DISH has yet to win these state approvals, maybe giving an edge to SoftBank which can promise a speedier and more certain closing. 1 Comment [M&A, Tech, Consumer]
- Thursday, May 23, 11:02 AM Dish Network (DISH -1.4%) warns the Committee on Foreign Investment review of the proposed SoftBank (SFTBF.PK)-Sprint (S +0.1%) transaction highlights the serious national security risks the deal could pose. In particular, the company points to the potential use of Chinese-manufactured equipment on a foreign-controlled Clearwire network. 1 Comment [Consumer, Tech, Global & FX]
- Tuesday, May 21, 6:47 AM Dish Network (DISH) can talk to Sprint (S) and look at its books after Softbank (SFTBF.PK) agreed to a waiver. Softbank thinks its offer to buy the company is superior and sees the move as a step forward toward closing a deal to acquire Sprint before July 1. Comment! [M&A, Tech]
- Friday, May 10, 9:59 AM Top shareholder advisory firm ISS backs Sprint's (S -0.1%) $2.97/share offer for Clearwire (CLWR -0.9%) ahead of a May 21 vote, in spite of opposition from major shareholders not named Sprint. ISS' arguments: Sprint's offer is fair, the carrier has effective veto power on any rival bid, and Clearwire looks "increasingly unviable on a stand-alone basis." SoftBank (SFTBF.PK) must be pleased, Dish (DISH) less so. Clearwire has sold off over the last 2 days, but still remains 9% above Sprint's offer price. (previous) Comment! [Tech, M&A]
- Tuesday, May 7, 6:10 PM Sprint (S) doesn't seem enthusiastic about Dish's (DISH) merger bid: Bloomberg reports the carrier is holding off on giving Dish access to its books due to questions about Dish's ability to obtain needed financing, skepticism about Dish's $11B cost savings estimate (Sprint thinks staff overlap is limited), and concerns about the debt burden the combined company would have. Moreover, Sprint's board has reportedly sent a letter to Dish stating its bid needs to be changed before Sprint can weigh it against SoftBank's (SFTBF.PK). (more on Sprint/Dish) 1 Comment [Tech, Consumer, M&A]
- Thursday, May 2, 2:05 PM Dish (DISH +0.1%) CEO Charlie Ergen responds in kind to SoftBank (SFTBF.PK) chief Masayoshi Son's caustic remarks, insisting Dish's bid for Sprint (S +0.4%) is superior and appealing to nationalism along the way. "We're offering a higher price ... We are an American company ... Operations command control will be in America. That's good for jobs." Ergen also argues SoftBank's Japanese corporate culture will lead to integration challenges. "If you have to lead tens of thousands of employees, culture matters." Of course, Son and SoftBank are often seen as mavericks in Japan. (more on Ergen) 6 Comments [Tech]
- Tuesday, April 30, 9:51 AM SoftBank (SFTBF.PK) CEO Masayoshi Son continues to insist his firm won't raise its offer for Sprint (S +0.3%) in response to Dish's (DISH) bid. "Why should we? We are already providing a better deal than the Dish proposal." Son goes on to call Dish CEO Charlie Ergen an "amateur" who is "desperate" to find a use for Dish's 4G spectrum. He adds SoftBank's offer is worth $7.65/share to Sprint, and Dish's $6.31/share, after factoring synergies, delays, and penalties; Dish values its proposal at $7, and SoftBank's at $6.22. (previous) (more on Dish/Sprint) 9 Comments [Tech, M&A]
- Monday, April 29, 4:04 PM Clearwire (CLWR +0.3%) will take another $80M monthly financing installment from Sprint (S +0.1%) as both companies now weight buyout offers from Dish (DISH +1.5%). Clearwire's move comes as Guugenheim downgrades Sprint to Hold on a belief Clearwire shareholders will shoot down Sprint's $2.97/share buyout offer (shares closed at $3.44), which is set for a May 21 vote. Guggenheim thinks SoftBank (SFTBF.PK) might stop Sprint from making a higher bid, since a successful deal could make Sprint more attractive to Dish (the firm deems Clearwire "Dish's real target"). (previous) (CLWR interest payment) Comment! [Tech, M&A]
- Monday, April 29, 10:55 AM SoftBank (SFTBF.PK) has given Sprint (S +0.1%) the go-ahead to begin talks with Dish (DISH +0.2%) "solely for the purpose of clarifying and obtaining further information" from Dish regarding its merger offer. However, Sprint doesn't have approval to "enter into negotiations." The announcement comes shortly after Sprint provisionally scheduled a shareholder meeting to vote on SoftBank's proposal for June 12. (PR) (previous) Comment! [Tech, M&A, Consumer]
- Sunday, April 28, 4:50 AM Sprint (S) has provisionally set June 12 for a shareholder vote on SoftBank's (SFTBF.PK) acquisition proposal, with the date pending the SEC's authorization of the American carrier's proxy filing. Dish (DISH) and Clearwire (CLWR) will presumably be looking on with interest. Comment! [Tech, Consumer]
- Monday, April 22, 11:05 AM Sprint (S) confirms reports its board has formed a special committee to review Dish's (DISH +2.6%) merger offer. The news seems to be giving a lift to Dish and Clearwire (CLWR +1.5%). Separately, Dish CEO Charlie Ergen tells the FT he views personalized/location-based mobile ads as a key part of his plan to remake Sprint. Meanwhile, an FT profile of Ergen notes his track record of stepping on the toes of incumbents. It also mentions how Ergen's love of poker "taught him to bluff, using other people’s emotions to his advantage" - some see the Sprint bid as a bluff aimed at reaching a partnership. (PR) (more on Dish/Sprint) 1 Comment [Tech, M&A]
- Friday, April 19, 10:55 AM SoftBank (SFTBF.PK) doesn't plan to up its bid for Sprint (S) to top Dish's (DISH +2.1%), a company exec states. Is the Japanese carrier set on keeping its current offer, or is this a hardball negotiating tactic? Either way, SoftBank seems to be betting the advantages of its bid - a lower debt load, the ability to leverage SoftBank's resources to take on AT&T/Verizon - will lead Sprint to stay loyal in spite of shareholder pressure and the superior up-front value of Dish's offer. 2 Comments [Tech, M&A, On the Move]
- Wednesday, April 17, 6:54 PM Paulson & Co. and Omega Advisors have joined a growing list of Sprint (S) investors to declare Dish's (DISH) bid for the company superior to SoftBank's (SFTBF.PK), further pressuring the Japanese carrier to up its offer; Paulson owns 4.24% of Sprint, and Omega 1.86%. Meanwhile, as Sprint and T-Mobile both get ready to merge with 3rd parties, speculation is growing the #3 and #4 U.S. carriers may themselves tie the knot one day to better compete against AT&T/Verizon. Sprint CEO Dan Hesse last May: "I honestly don't believe there is a magic number of four at all." (more) 2 Comments [Tech, M&A]
- Tuesday, April 16, 9:41 AM SoftBank (SFTBF.PK) responds to Dish's (DISH +1.8%) bid for Sprint (S +1.1%) by insisting its offer is superior, and stating it expects the deal to close by July 1. Nonetheless, some major Sprint shareholders, such as Westchester Capital (14M shares), are declaring Dish's offer better. SoftBank fell 6.8% in Tokyo as investors fret about a higher bid, and Sprint is adding a bit to yesterday's gains with the help of a JPMorgan upgrade to Overweight: the firm argues the Dish/SoftBank offers "likely put a floor under shares in the $7 range," and considers a bidding war possible. CLWR +1.9%. (more) Comment! [Tech, M&A, On the Move]
- Monday, April 15, 5:00 PM If Dish (DISH -2.3%) fails to buy Sprint (S +13.8%), it will have "few other attractive options" in mobile, points out TownHall Research: it thinks Dish's mobile efforts could be delayed by a over a year if Sprint turns it down. FBR notes Sprint, Dish, and Clearwire (CLWR -3.2%) have a combined $45B in debt, and predicts a higher bid from SoftBank (SFTBF.PK), whose scale and ability to reposition Sprint remain selling points. With Charlie Ergen saying Dish wants to differentiate its offerings via integrated services rather than pricing, rivals (T, VZ, PCS) are likely hoping Dish beats out SoftBank, which many believe plans to launch a price war. (more) 4 Comments [Tech, M&A, Quick Ideas]
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Saibus Research
Sprint's is Making Significant Strides in its Turnaround: http://seekingalpha.com/a/p02j $S $AAPL $CLWR$ $T $VZ $SFTBF.PK - View all 0 replies
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x oil -field
Softbank $SFTBF.PK reportedly intends to issue $3.2B worth of 4yr bonds to help finz acquisition of 70% $S stake. http://bit.ly/TIRMv5 $CLWR - View all 1 replies
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x oil -field: Softbank to Sell $3.2B Bonds to Fund $S Deal. $CLWR [We are dialing for profits here at Seeking Alpha StockTalk.] http://bloom.bg/TIPRH5
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Saibus Research
Sprint Need Not Fear The T-Mobile/MetroPCS Tie-Up http://seekingalpha.com/a/jwhd $S $DTEGF.PK $TMUS $SFTBF.PK $T $VZ - View all 0 replies
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x oil -field: My only disappointment is,only have 2K shares,but the nice part is,I bought ALL dips,so..it just proves that some-times BTFD can work,yes?
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x oil -field: SA Helix Investment Management: CNBC reported that its sources have confirmed SoftBank & Sprint have reached a deal.http://bit.ly/Xaaw5s
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x oil -field
Sprint SoftBank Talks Continue,Where Does Clearwire Stand?Oct.14,2012 Helix Investment Management. $CLWR $S $SFTBF.PK http://bit.ly/Qlh9yY - View all 0 replies
LATEST REPLIES
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x oil -field
Softbank $SFTBF.PK reportedly intends to issue $3.2B worth of 4yr bonds to help finz acquisition of 70% $S stake. http://bit.ly/TIRMv5 $CLWR - View all 1 replies
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x oil -field: Softbank to Sell $3.2B Bonds to Fund $S Deal. $CLWR [We are dialing for profits here at Seeking Alpha StockTalk.] http://bloom.bg/TIPRH5
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x oil -field: My only disappointment is,only have 2K shares,but the nice part is,I bought ALL dips,so..it just proves that some-times BTFD can work,yes?
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x oil -field: SA Helix Investment Management: CNBC reported that its sources have confirmed SoftBank & Sprint have reached a deal.http://bit.ly/Xaaw5s