Sprint owners vote for cash

 
City A.M. Reporter
THE MAJORITY of Sprint Nextel shares have elected to receive cash when Japan’s SoftBank takes control of the firm.

About 53 per cent of Sprint’s outstanding shares voted to take money in a 5 July preliminary election over the merger, Sprint and SoftBank said yesterday.

Shareholders that elected to take cash will receive $5.65 in cash and 0.26174408 shares of new Sprint common for each common share owned. About three per cent of shares elected to receive shares of Sprint common stock, while 44 per cent of outstanding shares that did not vote will receive cash. Sprint shareholders voted in favour of the deal, which will give SoftBank 78 per cent ownership.