If this report is accurate, $8B represent 1.4B new shares at current PPS of $5.71, With Sprint’s current market cap at $17B this means a dilution at [$17B market cap / 3B (o/s) + 1.4 (new shares)] = $3.86/share, which means whoever surrender their shares to Softbank will get close to +36% premium if the tender offer price is at $5.25/share.
Why would S's board consider such offer? It makes no sense from the shareholders point of view. S is better off on their own and complete their NV and see where it takes them. As per last 10-Q there is not seem to be any debt maturities that they could not handle. Also in July they were able raise funds w/o any problems. One can consider this article slightly bogus. For sure it will make the algos work hard tonight when the Japanese markets open and may be tomorrow here if not withdrawn.