Sprint Sets June 12 as Tentative Date for SoftBank Deal Vote

Sprint Nextel has tentatively set June 12 as the date for a shareholder vote on selling a 70% stake to Japan's SoftBank for $20.1 billion.

A Sprint spokesman said the proxy related to the vote hasn't been approved by the Securities and Exchange Commission and the date may change. Sprint, the No. 3 U.S. wireless carrier, is intertwined in a series of deals that aim to remake the long-struggling company. After striking a deal with SoftBank last fall, Dish Network made a competing $25.5 billion proposal to buy Sprint last week. Sprint's board has formed a special committee to evaluate the Dish offer and it has also requested additional information from Dish. A number of major Sprint shareholders have voiced their endorsement of the Dish offer. Sprint itself is in the process of buying the portion of mobile-broadband company Clearwire that it doesn't already own. Dish had made an offer for Clearwire prior to its proposal for all of Sprint. Dish has said it would be able to sign a definitive agreement to buy Sprint shortly after Sprint grants access to its financial details.