Sprint Nextel's (Fortune 500) stock jumped 18% in morning trading. ,
"Sprint is currently involved in discussions with Softbank regarding a potential substantial investment by Softbank in Sprint," said Sprint in a prepared statement.
Sprint said "such a transaction could involve a change of control," but it emphasized that there are "no assurances" that the deal will go through.
The share price for Internet service provider Clearwire ( also surged, climbing 40% in morning trading, as CNBC reported that Clearwire might also get taken over as part of the deal. )
Sprint Nextel is the third-largest wireless carrier in the United States, trailing AT&T (Fortune 500) and , Verizon (Fortune 500) in market share. But the company has continued to lose money, despite finally adding , Apple's (Fortune 500) , iPhone to its network last year.
A spokesperson for Softbank Corp ( was not immediately available for comment. )
There had been speculation that Sprint Nextel would make a counteroffer for MetroPCS (Fortune 500), which , recently agreed to merge with Deutsche Telekom's T-Mobile USA unit. Shares of MetroPCS fell 5% in early trading.
|GM's recalled Cobalt was a failure from the start|
|Michaels hack hit 3 million|
|Americans have fallen in love with real estate once again|
|Why you should pay off your car loan ASAP|
|Wealthy investors flock to fine art funds|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.36%||4.24%|
|15 yr fixed||3.39%||3.26%|
|30 yr refi||4.34%||4.22%|
|15 yr refi||3.38%||3.24%|
Today's featured rates: