Softbank, a Japanese mobile carrier, soared up in Tokyo on Tuesday as investors buy back into the stock that was heavily traded the last two sessions because of the news of its $20 billion takeover of Sprint.
Softbank shares jumped 9.5 percent to 2,485 yen ($31.49) in heavy trading on the Tokyo Stock Exchange, after losing more than 20 percent of their value in the previous two sessions. Softbank stock tumbled 17 percent on Friday and then 5.3 percent on Monday.
Softbank and Sprint Nextel reached a deal under which Softbank will pay $20 billion for a 70 percent stake in the wireless telecom operator. Sprint Nextel is the number three US carrier behind AT&T and Verizon Wireless.
Traders said that the spike on Tuesday was due to bargain hunters looking to pick up the embattled counter on the cheap.
source google news (AFP)
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