NEW YORK ( TheStreet) -- As a crucial shareholder vote on Sprint's (S) proposed $20.1 billion takeover by SoftBank of Japan approaches, the merger efforts of the nation's third leading wireless carrier are far from over.
In fact, even though the biggest piece of a wireless industry realignment may be all but settled in just over a week's time, investors and consumers might be wise to view consolidation as only half complete.
Two shareholder votes on wireless mergers take place next week, with many parties including vocal hedge funds, competing bidders, special committees reviewing transactions and proxy advisory firms all poised to make headline grabbing decisions.
A chain reaction to the pending takeovers of Sprint and Clearwire (CLWR) is yet to happen, which will keep Wall Street humming in the coming week. A busy Wall Street, however, may undercut the interests of the ordinary wireless consumer.Sprint is fighting with satellite TV provider Dish Network (DISH - Get Report) for full control of Clearwire (CLWR), a fledgling broadband service it helped to create and which holds valuable spectrum for wireless carriers. Meanwhile, Sprint continues to recommend its shareholders accept SoftBank's acquisition of the company, as a special committee appointed by the company's board of directors weighs an alternative takeover proposal by Dish Network. Dish is conducting due diligence on a $25.5 billion proposal to buy Sprint and create a 'triple play' offering of wireless, broadband and television. Still, the company has yet to submit a formal, fully-financed offer to Sprint. Sprint's shareholder meeting on the SoftBank merger is slated for June 12. Clearwire's shareholder meeting on Sprint's offer to buy the company's remaining stock at $3.40 a share is scheduled for June 13, after a $4.40 a share tender offer by Dish Network in late May delayed the meeting. Sprint already has majority control of Clearwire, but the offer for full control is a crucial element to the carrier's strategy to bolster its wireless service.