What if new Sprint/Clearwire sells Ergen ~25% for $25 billion?
Son would be diluted to just over 50%. Maybe Son gives Ergen board seats like he wanted with CLWR as part of the deal. Ergen is rumored to own $1 billion of CLWR debt and has $10-15 billion worth of spectrum he could negotiate with Son and Sprint over. Ergen wins. Sprint wins, and Son wins.
How about 33% for $39.6 billion? He pays $25 billion in cash, submits his CLWR debt for another $1 billion and his spectrum for $13.6 billion. New Sprint will have 3.2 billion shares, 2.5 billion for Softbank and 700 million for the public. With this plan, Sprint will raise the shares outstanding to 4.8 billion with Softbank owning 2.5 billion or 52%, Ergen owning 1.6 billion or 33%, and the public 700 million or 15%.
Charles Ergen will not bid ridiculous amounts. His bids for Clearwire valued their spectrum below the value many believe it's. Same with Masayoshi Son. It's all about acquiring valuable spectrum cheap.