Proxy advisory firms Institutional Shareholder Services (ISS) and...
Proxy advisory firms Institutional Shareholder Services (ISS) and Egan-Jones released opposing opinions Friday on the merits of SoftBank’s bid to buy 70 percent of Sprint Nextel. ISS recommended that Sprint stockholders vote in favor of SoftBank’s $20.1 billion offer because…
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of its “strategic merits,” which include providing capital Sprint needs to complete upgrades to its network. ISS said it has “not developed a view” on Dish Network’s $25.5 billion counteroffer for Sprint because that offer remains preliminary. “Shareholders may not themselves affirmatively choose that offer over the SoftBank transaction, as Dish has not yet made its offer directly through a tender,” ISS said in its report. Sprint touted the ISS report in a news release Sunday, saying its board has recommended stockholders vote in favor of SoftBank’s bid, calling the Dish bid an “unsolicited proposal” (http://bit.ly/ZEOflA). Dish did not comment. Meanwhile, Egan-Jones reversed its earlier recommendation of SoftBank’s bid Friday, saying Sprint stockholders should reject SoftBank’s bid “in its current form.” Uncertainty over which bid will prevail is creating “strong potential for an improved offer” from SoftBank, it said. Sprint stockholders are to vote on SoftBank’s offer June 12.