SoftBank’s refreshed bid for Sprint came in for criticism, due to the fact that although there is a larger cash component, it gives a lower value for the US number three operator.

According to Bloomberg, citing analyst firm Janco Partners, the previous deal, which would see existing Sprint shareholders owning 30 per cent of the new business, valued Sprint at $28.88 billion.

However, the new deal, which would see existing shareholders holding 22 per cent of the new unit, values it at $27.75 billion.

Gerard Hallaren, a Janco Partners analyst, said that although the deal has been backed by the Sprint board, the idea of accepting a higher bid which in fact gives a lower valuation is “preposterous”.

However, the company may prove appealing to existing Sprint owners who would rather take cash now than own a larger stake of the company in the future.

In a statement earlier this week, rival Sprint acquirer Dish Network said it would “analyse the revised SoftBank bid as we consider our strategic options”, although there has been little sign of movement since.

Sprint said that it had conducted a “lengthy due diligence process” with Dish, but terminated talks after it was decided that it was “not reasonably likely to lead to an offer superior to the SoftBank agreement”.

Dish has been given a deadline of 18 June to make a “best and final” offer.

A special meeting of Sprint shareholders has been re-scheduled for 25 June, to “allow ample time to evaluate the new agreement”.