Glass Lewis Advices Investors to Hold Off Sprint-SoftBank Vote
A proxy advisory was sent out on Tuesday to Sprint Nextel Corp. shareholders stating that they should not vote for SoftBank Corp's takeover bid. This is supposed to transpire on June 12 but it was put on hold as the US$25.5 billion deal from Dish Network is still being evaluated.
According to a statement issued by the company, the proposal from Dish appears to be genuine and has strong potential over SoftBank's US$20.1 billion takeover bid deal to purchase 70% of Sprint Nextel Corporation. It also added that it would be inappropriate to vote while another proposal is still being reviewed.
The recommendation was in contrast to a larger advisory shared by the Institutional Shareholders Services last week. ISS said that investors should give their support to the deal offered by SoftBank even when the rival bid from Dish has not been thoroughly analyzed.
On the other hand, Sprint refused to give their comment to the Glass Lewis advisory
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