The Telecommunications Law Resource Center is the most comprehensive reference and news platform for communications law, covering broadcasting, cable, broadband, telephony and wireless;...
Sprint Nextel Corp. shareholders voted June 25 to accept Japan-based Softbank Corp.'s $21.6 billion takeover bid for America's third-largest wireless carrier, leaving Federal Communications Commission approval as the final hurdle for the deal.
The antitrust division of the Justice Department has already cleared the transaction, as has the Committee on Foreign Investment in the United States--a powerful interagency panel chaired by the secretary of the treasury--and “Team Telecom,” an additional review body of federal agencies, including the departments of Justice, Homeland Security, and Defense.
The FCC has withheld approval while the government review of the national security implications played out, but is believed to be closed to rendering a decision; May 29 was the final day of the FCC's nonbinding, 180-day “shot clock” for completing reviews of mergers and acquisitions. Then-FCC Chairman Julius Genachowski told reporters in mid-May that commission staff was still proceeding according to that timetable.
In addition to awaiting the results of other agencies' reviews, the FCC has also been forced to contend with lobbying surrounding Dish Network Corp.'s unsolicited rival offer for Sprint. Dish, which had urged the commission to defer action on the Softbank-Sprint deal to give Sprint shareholders time to decide which of the offers to accept, ended its effort to buy the company June 21.
With 98 percent of Sprint shareholders voting for the Softbank acquisition, an FCC decision could now come soon.
“Today is a historic day for our company, and I want to thank our shareholders for approving this transformative merger agreement,” Sprint CEO Dan Hesse said in a press statement June 25. The transaction “should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility,” he added.
Sprint said in the statement that the companies expect the merger to close in early July.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)