Jun 11, 2013

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Hot Moving Stocks: Cisco (NASDAQ:CSCO) and Sprint Nextel Corp (NYSE:S)

Hot Moving Stocks: Cisco (NASDAQ:CSCO) and Sprint Nextel Corp (NYSE:S)

Japanese mobile operator, SoftBank Corp, reported that it decided, with Sprint Nextel Corp (NYSE:S), to lift its offer for the US wireless carrier to $21.6 billion, as compared to $20.1 billion, as it fights off a counter bid by Dish Network Corp.

SoftBank’s amended offer, Japan’s largest outbound agreement, won the support of hedge fund Paulson & Co, Sprint’s second-largest stockholder, which had earlier backed the Dish bid. Paulson reported that it would vote all its shares in favor of SoftBank’s enhanced offer.

According to the latest agreement, SoftBank would purchase shares from preset Sprint stockholders at $7.65 each, higher from the former bid of $7.30 per share.

The Japanese company, led by billionaire owner Masayoshi Son, will hike its cash injection to Sprint stockholder to $16.6 billion, higher by $4.5 billion, and would end up with 78 percent of Sprint, higher from 70 percent in its former bid, the firms reported in a statement on Tuesday.

Cisco (NASDAQ:CSCO) will hold its first Investor Day at Cisco Live 2013 on Tuesday, June 25 and Wednesday, June 26, 2013, in Orlando, Florida.

Investor Day complements their annual Financial Analyst Conference, which takes place in the winter, by keeping a deeper dive into Cisco’s business and technology.

Investor Day at Cisco Live 2013 is planned to give investors and experts an opportunity to witness Cisco Live, while also giving discussions and engagements on their strategy, technology, and business.

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