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Shares drop after Sprint reportedly drops T-Mobile bid, citing regulatory concerns

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LOS ANGELES, Calif. - Shares of Sprint Corp. and T-Mobile US Inc. have fallen sharply in after-hours trading after a published report said Sprint was ending its pursuit of a merger of the two cellphone carriers.

Sprint shares fell more than 15 per cent while T-Mobile shares were off almost 9 per cent in extended trading Tuesday after The Wall Street Journal said Sprint had concluded it would be too difficult to convince regulators to approve the merger of the No. 3 and No. 4 carriers in the country.

The newspaper cited people familiar with the matter it did not name and said Sprint planned to make an announcement about its plans early Wednesday.

Sprint spokesman Scott Sloat said the company had no comment on rumours and speculation. T-Mobile spokeswoman Anne Marshall declined to comment.

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