Investors at Sprint Nextel Corp preferred to get cash rather than take stock in the takeover deal of SoftBank for the wireless carrier. This resulted to more demand for SoftBank's end.

Out of 3 billion shares outstanding as of July 5, shareholders of about 53% voted to get cash. The other 44% did not decide whether to take cash or stock. However, this would also mean that they will receive cash according to statement released by Sprint and SoftBank today. The available cash consideration was oversubscribed leading the company to give its shareholders US$5.65 in cash for each share piece. They would also get 0.26 shares of new Sprint common stock.

Last week, the Federal Communications Commission approved the takeover deal of SoftBank for Sprint Nextel. The takeover bid which was offered last June was valued at US$21.6 billion. Only 3% of its shareholders opted to get shares in the deal which stated that most of its investors were not going to stick around and see what happens to the new company. This was stated by analyst Chris King from Stifel Nicolaus & Co.