Under the amended Merger Agreement, SoftBank will deliver an additional $4.5 billion of cash
to Sprint stockholders at closing, bringing the total cash consideration available to Sprint
stockholders to $16.64 billion.
The cash available to stockholders has increased by $1.48 per share, from $4.02 to
$5.50, based on the June 7, 2013 share count (assuming full proration).
The $4.5 billion of additional cash at closing will be funded by a reallocation of $3
billion of SoftBank’s previously proposed $4.9 billion primary investment in New Sprint
and by $1.5 billion of incremental capital from SoftBank.
The price at which SoftBank will acquire shares from current Sprint shareholders will be
increased from $7.30 per share to $7.65 per share, a 52% premium to the unaffected
trading price prior to announcement in October 2012.
As part of the amended Merger Agreement, the pricing of SoftBank’s $1.9 billion primary
investment will be increased by 19% from the previously agreed $5.25 per share to $6.25 per
share. Pro forma for the transaction, the current Sprint stockholders’ resulting equity ownership
in a stronger, more competitive New Sprint will be 22% while SoftBank will own