Softbank decides to re-consider proposed T-Mobile acquisition plan
Softbank Corp. [TYO: 9984] will re-consider its proposed acquisition plan to bid for T-Mobile US Inc. [NYSE: TMUS], the third-largest wireless telecommunication company in the US, the Nihon Keizai Shimbun reported, citing a statement from the Japanese company.
Softbank, Japan’s third-largest wireless communication company will suspend talks with the US company, the Japanese-language report said, citing the Softbank statement. The Japanese company was planning to acquire T-Mobile via its US unit, Sprint [NYSE: S].
Earlier today, a report in The Wall Street Journal cited people familiar with the development as saying that Sprint scrapped its acquisition plan, as Softbank and Sprint decided that necessary approvals from US regulators would be hard to gain. Previously, Softbank offered USD 40 per T-Mobile share, valuing the US company at USD 32bn, the report said.
Source Nihon Keizai Shimbun, Wall Street Journal