Japan's SoftBank raises Sprint offer to $21.6 billion

Japan's SoftBank said Tuesday it was raising its bid for US wireless carrier Sprint Nextel Corp. as it looks to head off a rival offer with a higher headline figure from Clearwire.

Softbank said in Tokyo it would up its original bid by $1.5 billion to $21.6 billion. The move came just ahead of the Wednesday meeting of Sprint shareholders, when they are set to vote on the proposed takeover.