SoftBank nears Sprint buyout

Investor's Business Daily

Shares of wireless phone company Sprint Nextel (S)fell 4.4% to 7 on Wed., while those of Japan's SoftBank rose 4% in Tokyo trading after satellite broadcaster Dish Network (DISH) said late Tue. it wouldn't make a new offer for Sprint. Dish's withdrawal moves SoftBank closer to winning the takeover battle between the phone giants. Sprint shareholders are slated to vote Tue. on SoftBank's $21.6 bil offer for 78% of the company. Dish had bid $25.5 bil for 100% of Sprint. Dish shares rose 0.5% to 39.27.

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