Sprint Nextel Corp.'s shareholders on Tuesday approved SoftBank Corp.'s acquisition of the bulk of the wireless carrier company.
Softbank had been competing with Dish Network Corp. since April to acquire Sprint. Sprint opted for Softbank's $21.6 billion offer for 78 percent of the company, versus Dish's $25.5 billion bid for all of Sprint.
CEO Dan Hesse said it was a historic day for the company and said the deal should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility.
Softbank, based in Japan, is giving Sprint stockholders the choice of $7.65 for each share held or one share of New Sprint common stock.
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