ISS urges Sprint to back Softbank bid
03 June 2013 |
According to reports, Sprint shareholders are being urged to vote in favour of a $20.1 billion takeover bid from Japan’s Softbank by proxy advisory firm Institutional Stockholder Services (ISS).
ISS have reportedly said Softbank’s offer could provide Sprint with enough capital to upgrade its network in order to compete against larger US rivals AT&T and Verizon.
The announcement comes as Sprint mulls over a rival bid of $25.5 billion from Dish Networks.
ISS has not, however, determined whether Dish’s offer was superior because it has yet to be presented to investors.
Sprint shareholders are set to vote on Softbank’s offer on June 12.
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