On Breakingviews – SoftBank gives only an inch to clear Sprint static, says jennifersaba:
FILE PHOTO: A woman uses her phone as she walks past a Sprint store in New York's financial district, October 15, 2012. REUTERS/Brendan McDermid/File Photo
The two companies blew past their agreement’s expiry date in November because, even after navigating federal antitrust authorities, various U.S. state regulators unsuccessfully sued to block the deal. That meant they had to renegotiate - and Sprint’s financial performance has deteriorated since the deal was struck almost two years ago.
Breakingviews has calculated that T-Mobile and Deutsche Telekom, its controlling owner, could have valued Sprint considerably lower than the $37 billion implied by the new terms. But that might have jeopardized the whole deal. Sprint would have had to bring any new terms for minority shareholders to a fresh vote, potentially gumming up the process even further. And SoftBank’s negotiating room was probably limited by its carrying value for the stake in Sprint.
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