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T-Mobile CEO takes the stand in T-Mobile/Sprint merger trial

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By Sheila Dang

(Reuters) – T-Mobile US Inc <TMUS.O> Chief Executive John Legere testified on Friday that he believes U.S. regulators considered Dish Network’s <DISH.O> history of attempting to build a wireless network when they approved the merger between T-Mobile and Sprint Corp <S.N>.

A group of U.S. states have sued to stop the merger, saying it would lead to higher prices.

T-Mobile and Sprint have already received approval for the deal from the U.S. Department of Justice and the Federal Communications Commission (FCC), after the companies agreed to sell Sprint’s prepaid phone business and some spectrum to satellite TV provider Dish, which has committed to building a nationwide wireless network and becoming a competitor in the industry.

The states have argued that Dish has a history of stockpiling FCC licenses for wireless spectrum, or airwaves that carry data, and has not yet demonstrated that it can build a wireless network.

Legere was the defense’s first witness, and his testimony came on the fifth day of a trial that is expected to run until Dec. 20. He has previously accused Dish of “hoarding” spectrum.

Glenn Pomerantz, an attorney representing California in the lawsuit, asked Legere about a letter T-Mobile previously sent to the FCC, criticizing Dish’s wireless business plans as a “modernized version of last century’s two-way paging.”

Legere testified that he believed the FCC considered Dish’s track record when it approved the merger of T-Mobile and Sprint.

Under the terms with the FCC, which has given the green light to the T-Mobile and Sprint merger, Dish committed to build a 5G wireless network that will cover at least 70% of the U.S. population by June 2023, or it will pay up to $2.2 billion in fines.

(Reporting by Sheila Dang; Editing by Noeleen Walder and David Gregorio)



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বটবৃক্ষের মতো সামাজিক-রাজনৈতিক অঙ্গণে ছায়া দিয়ে গেছেন বীর মুক্তিযোদ্ধা সাদেক হোসেন খোকা

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Exclusive: Hudson’s Bay’s take-private deal falls short in shareholder vote

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© Reuters. FILE PHOTO: Pedestrian walks past a Hudson’s Bay company sign at the retailer’s flagship Toronto store

By Jessica DiNapoli and Greg Roumeliotis

(Reuters) – Saks Fifth Avenue owner Hudson’s Bay Co (TO:) has fallen short of securing enough shareholder support for a C$1.9 billion($1.4 billion) deal to take the department store operator private, people familiar with the matter said on Friday.

A buyout consortium of Hudson’s Bay investors led by its Executive Chairman Richard Baker did not win enough votes from other company shareholders by a Friday morning deadline for the deal to go through, the sources said.

The exact vote tally could not be learned. The sources cautioned that shareholders are allowed to change their minds through Dec. 17, when a special meeting of shareholders is planned.

The sources asked not to be identified because the matter is confidential. Representatives of Hudson’s Bay and Baker’s consortium did not immediately respond to requests for comment.

The buyout consortium has 57% voting control over the company, but a majority of the shareholders not involved with Baker’s consortium had to approve the offer. Minority shareholders, including Canadian private equity firm Catalyst Capital Group Inc and hedge fund Ortelius Advisors LP, had opposed the deal.

Catalyst, which owns roughly 17.5% of the retailer made an offer of C$11.00 per share for Hudson’s Bay that the special committee rejected because Baker’s consortium said it was not willing to allow the sale of the company to another party.

Hudson’s Bay agreement to sell itself to Baker’s consortium is for C$10.30 per share. Hudson’s Bay shares were trading up 1% at C$8.74 in afternoon trading in Toronto on Friday.

The Ontario Securities Commission has held hearings this week on a petition by Catalyst to block the deal and to request more information on it. The Canadian regulator has yet to make a decision on Catalyst’s complaint.

The buyout consortium’s next steps were not immediately clear.

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