Softbank founder Masayoshi Son has previously warned that the move into the US would not be easy
SoftBank has sweetened its bid for the third-largest US phone carrier Sprint Nextel, as it looks to become one of the world's largest mobile operators.
The Japanese firm upped its offer to $21.6bn (£13.9bn) for a 78% stake in the firm, from its previous bid of $20.1bn for a 70% holding.
That is still lower than US firm Dish Network's rival bid of $25.5bn.
However, in its latest offer SoftBank has increased its cash payout to Sprint shareholders.
"Our transaction offers significant value for Sprint stockholders and the opportunity to realize that value in just a few weeks, without the risks associated with any other potential transaction," said Masayoshi Son chief executive of SoftBank.
If SoftBank wins approval from Sprint shareholders, it would be the largest overseas deal by a Japanese firm.
Dish Network, a satellite TV provider, which had submitted its rival offer in April, has till 18 June to submit a fresh bid. However, Sprint said it did not expect Dish to table an improved offer.
"We have expended substantial time and energy engaging with Dish over the past nine weeks, including an extensive due diligence process, but these efforts did not lead, in the Special Committee's view, to a proposal that was reasonably likely to lead to a proposal superior to SoftBank's," said Larry Glasscock, chairman of the special committee of the Sprint Board of Directors.
Softbank's improved offer comes a day before Sprint shareholders were to vote on the bid. That meeting has now been adjourned till 25 June.
Source: BBC News - Business http://www.bbc.co.uk/news/business-22851383#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
