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SoftBank lays out Sprint plans

Masayoshi Son, CEO of Japan's SoftBank, on Fri. laid out plans to use the purchase of Sprint Nextel (S)to transform Japan's No. 3 mobile carrier into the world's No. 1. Son asked shareholders at SoftBank's annual meeting to back the deal, Japan Times said. SoftBank is battling Dish Network (DISH) for Sprint and is said near clinching a deal to buy 78% of Sprint for $21.6 bil. Dish on Mon. declined to make a new offer, and Sprint shareholders are set to vote on the SoftBank bid Tue. Sprint shares fell 1.4% to 6.97. Dish rose 3.1% to 40.41 .