Why Sprint (S) Stock Is Down Today

NEW YORK (TheStreet) -- Sprint  (S) fell Thursday as French telecommunications company Iliad announced a bid to buy T-Mobile (TMUS).

Iliad has offered $15 billion in cash for 56.6% of T-Mobile, or $33 a share, according to The Wall Street Journal. Sprint and T-Mobile had agreed on broad strokes of a merger that would value T-Mobile at $30 billion and would combine the third-largest and fourth-largest U.S. wireless carriers, respectively.

T-Mobile said it received the offer but made no further comment, according to the Journal article.

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The stock was down 6.31% to $7.27 at 3:03 p.m.

S Chart S data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

TheStreet's Julia Sun has details on Sprint's Q2 results:


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