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Sprint stops T-Mobile bid, CEO Dan Hesse may be replaced

Sprint has announced that it will stop trying to purchase T-Mobile in the face of regulatory pressure (OTCMKTS:SFTBF)

| Business, Financial & Legal News | Posted: Aug 6, 2014 10:28 am

Sprint has been wooing T-Mobile for a while with Sprint actively looking to purchase the smaller carrier. Regulator opposition was strong since regulators in the US have been clear on several occasions that they like four major US carriers. Tuesday, Sprint announced that it has decided to stop trying to purchase T-Mobile and will move on alone.

 

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Rather than beefing up subscriber numbers by purchasing T-Mobile Sprint will now buckle down and try to add subscribers with better service. Sprint has reported losses every year since 2007. AT&T's bid to purchase T-Mobile was blocked by the FCC and regulators three years ago.

 

People familiar with the goings on at Sprint also say that CEO Dan Hesse will be replaced and that he could be replaced as soon as this week. A purchase offer by a French carrier Iliad was turned down by T-Mobile with execs saying that offer was dead on arrival.

NEWS SOURCES:Online.wsj.com

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