Tokyo-based Softbank looks like it’s two-timing Sprint.
The company, which agreed to take over the No. 3 US wireless company last October, is now discussing an alternative deal with T-Mobile, according to a report.
The news, first reported by Reuters, sent Sprint shares down 1.4 percent to $7.24.
SoftBank, sources close to the situation said, likely planted the story to drive Sprint’s price down.
The report, citing unnamed sources, said SoftBank was considering buying Deutsche Telekom’s stake in T-Mobile as an alternative to the Sprint deal.
Charlie Ergen’s Dish Network and SoftBank are locked in a fierce battle to buy Sprint.
The Sprint shareholder vote on SoftBank’s $20 billion bid is June 12.
Dish has a $25 billion counteroffer on the table and is finishing due diligence. Sprint may delay the vote as Dish continues its homework, several sources said.
Despite the T-Mobile report, SoftBank agreed to be barred from walking away from its Sprint offer until the merger agreement expires, which is months away.
With Softbank unable to walk, some believe it is moving to drive down the price. There is also skepticism because SoftBank would find Sprint’s spectrum more of a natural fit than T-Mobile’s.
The spectrum of Clearwire — in which Sprint owns a majority share — matches SoftBank’s own, and would give the Japanese company the power to offer global roaming.
SoftBank did not return calls.