SoftBank Pushes Towards 80% Sprint Ownership and 2 Other Hot Stocks to Watch
Sprint Nextel Corp. (NYSE:S): Current price $6.93
On Tuesday, without giving a reason, Softbank Corp announced that it has acquired an additional 0.73 percent of Sprint Corp’s common stock, thereby increasing its position in the wireless operator to 79.07 percent. Founder of Softbank, Masayoshi Son, said the share purchases were made through its subsidiary Galaxy Investment Holdings and were meant to increase its ownership in Sprint to around 80 percent. The buyer had bought roughly 78 percent of the third-largest United States mobile network operator in July after a prolonged takeover battle and now says that Galaxy intends to buy around 2 percent of Sprint shares.