Sprint Sets June 12 as Tentative Date for SoftBank Vote

Sprint Nextel Corp. (S) has tentatively set June 12 as the date for a shareholder vote on selling a 70% stake to Japan's SoftBank Corp. (9984.TO) for $20.1 billion.

A Sprint spokesman said the proxy related to the vote hasn't been approved by the Securities and Exchange Commission and the date may change. The news of the tentative date was first reported by Reuters Friday.

Sprint, the No. 3 U.S. wireless carrier, is intertwined in a series of deals that aim to remake the long-struggling company. After striking a deal with SoftBank last fall, Dish Network Corp. (DISH) made a competing $25.5 billion proposal to buy Sprint last week.

Sprint's board has formed a special committee to evaluate the Dish offer and it has also requested additional information from Dish. A number of major Sprint shareholders have voiced their endorsement of the Dish offer.

Sprint itself is in the process of buying the portion of mobile-broadband company Clearwire Corp. (CLWR) that it doesn't already own.

Dish had made an offer for Clearwire prior to its proposal for all of Sprint. Dish has said it would be able to sign a definitive agreement to buy Sprint shortly after Sprint grants access to its financial details.

SoftBank has said it believes its deal brings "superior short and long term benefits to DISH's highly conditional preliminary proposal."

Earlier this week, Sprint's Chief Executive Dan Hesse said the Clearwire and SoftBank deals are scheduled to close by July 1, along with assets being purchased from U.S. Cellular Corp. (USM).

Write to Thomas Gryta at [e-mail]

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