Lord help us all.
Sprint is nearing an agreement to acquire rival T-Mobile for almost $40 a share, Bloomberg reported Wednesday, a 17 percent premium over T-Mobile's closing stock price Wednesday.
If approved, the reported sales figure would represent a narrowing of the gap between the two sides' negotiation positions. Softbank, which owns about 80 percent of Sprint, was willing to pay in the upper $30s per share for T-Mobile, Deutsche Telekom, which owns about 67 percent of T-Mobile, was seeking at least $40 a share, Bloomberg reported.
Sprint has yet to make an official merger offer to T-Mobile, but speculation abounds that the company will float such an idea within the next couple of months. Sprint and T-Mobile have both argued that a merger would create a larger No. 3 carrier that could more effectively compete against AT&T and Verizon Wireless.