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Bloomberg reports that Sprint is weighing up a bid for rival T-Mobile, and is looking to make an offer as early as June. Executives from Sprint have reportedly met with banks over the past few months to ensure its financials are in order before making its move. This isn’t the first time a Sprint takeover has been rumored. Back in February, FCC chairman said he was “highly skeptical” of such a deal ever happening, but would keep an open mind to a potential merger. At the time, many people criticized the alleged takeover, saying it would decrease competition in the U.S.

With a possible merger between Comcast and Time Warner, Sprint is hoping to capitalize by arguing the telecommunications industry is changing. SoftBank CEO Masayoshi Son has pleaded with regulators to give the deal a chance, but so far executives have met the deal with doubt.

There are some big entities presiding over the deal—SoftBank and Deutsche Telekom— and discussions are currently over who would be in charge if such a deal went through. According to Bloomberg sources, T-Mobile CEO John Legere is currently “the leading candidate,” though that’s assuming regulators approve the deal, which seems unlikely.

AT&T previously attempted to purchase T-Mobile, but the SoftBank CEO said the carrier was unprepared for such an undertaking, which is why no deal ever went through. Sprint, on the other hand, is working on a detailed case and thinks it can convince regulators that the deal is in the public’s best interest. Sprint is treading carefully, however, and hopes a move for T-Mobile doesn’t end in failure and a breakup fee, which AT&T had to pay when its deal with T-Mobile fell through.

While a possible bid could be made by June, board members from SoftBank, Deutsche Telekom, Sprint and T-Mobile would all need to approve the deal, which could slow an agreement down. None of the aforementioned companies have commented on the rumor.

Source Bloomberg