Softbank says its bid for Sprint Nextel superior

No lines yet outside Sprint's flagship store in Manhattan on 23rd St. the day before the iPhone 4S goes on sale. CNET/Marguerite Reardon

TOKYO SoftBank Corp. says it believes its bid for U.S. wireless carrier Sprint Nextel (S) is a better choice than the $25.5 billion counteroffer by Dish Network Corp. (DISH).

Dish says its cash and stock offer beats Softbank's.

Softbank said in a statement Tuesday that the agreed terms of its deal "offer Sprint shareholders superior short and long term benefits to Dish's highly conditional preliminary proposal." The Japanese company said it expects to finalize the deal under the terms already agreed upon by July 1.

Softbank, a holding company with Internet and telecoms investments, is offering $20.1 billion in cash for Sprint, and allowing shareholders to keep 30 percent.

It is unclear if Softbank's CEO Masayoshi Son, a famously aggressive dealmaker, will raise his offer. Softbank shares fell 6.8 percent in Tokyo Tuesday.

Comments

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.