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Softbank Scraps Stock Sale Plan, Bowing to Investors (Update2)
2008-06-09
May 20 (Bloomberg) -- Softbank Corp., Japan's third-largest mobile-phone operator, abandoned plans to sell preferred stock, caving in to investor opposition.
Softbank dropped the plan after taking stockholders' opinions into consideration, the company said in a statement to the Tokyo Stock Exchange, without providing details such as the identities of the dissenting investors. The company's stock rose as much as 1.9 percent after the announcement, reversing a slide.
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