News Summary: Sprint confirms talks with Softbank

AP News
Posted: Oct 11, 2012 3:46 PM

POTENTIAL DEAL: Sprint Nextel Corp. says Japanese cellphone company Softbank Corp. is in talks about making a potential substantial investment in the U.S. company. Sprint says the deal could be big enough to involve a "change of control" of the company.

REACTION: The news sent Sprint shares as high as $6.04, the highest level since 2008.

A SURPRISE: There has been frequent talk of Sprint buying other U.S. cellphone companies to help it turn around, but analysts say an acquisition by a Japanese company wouldn't do much to help its competitive position in the U.S.