SoftBank To Permit Govt. Veto Power Over Sprint Board Seat

Japan’s Softbank Corp (OTCMKTS:SFTBF) (TYO:9984) has offered to appoint a security director if it is successful in its $20 billion bid to buy a majority stake in U.S. based Sprint Nextel Corporation (NYSE:S). The government-approved director will monitor national security issues relating to SoftBank’s takeover of Sprint Nextel, according to a Bloomberg report. Softbank Corp (OTCMKTS:SFTBF) (TYO:9984)’s offer comes amid rival DISH Network Corp (NASDAQ:DISH) hoping to derail SoftBank’s bid with a major PR blitz against its Japanese opponent. According to Sprint’s stock market filing, the U.S. government would also get a veto power as to who is nominated to…