Them having to go to such lengths to get the money does not bode well for them being able to discontinue making improvements to the network itself and to buy the spectrum needed. People who have phones on the Sprint network (including pre-paid brands and such) would be better off with Softbank purchasing the company, because they have the capital to really make the Sprint network better- more towers, improvements to the existing physical towers to be able to handle more traffic at faster speeds, ownership of more bandwidth spectrum, etc.. Softbank also doesn't have designs of streaming their television over the cell phone frequencies, which would really clogged up an already clogged network.
I also don't think it's in Sprint the company's best interest to be bought out by Dish. I'm not sure they'll be a Sprint in ten years if they are bought by Dish rather than Softbank. Of course, shareholders may just want a quick slightly higher payoff from Dish at the expense of having the healthier company, better quality service for Sprint consumers and customers of other cell providers that use the network, and greater competition among cell providers in general that could spur lower prices for phones and monthly plans relative to what we'd get if Sprint falters.
This is where in theory the government should be able to step in and say "The Softbank acquisition going through is in the best interests of everyone except potentially a few shareholders who would get marginally less than a Dish offer, we'll approve that but reject a Dish offer that only benefits Charlie in any substantial way and gives shareholders a few extra pennies now but hurts the company and the overall market.". I think Sprint would become the next Blockbuster if Dish bought them. The difference is, Blockbuster was going to fail anyway.
I wouldn't mind seeing Dish get into the cell phone came, but it'd be better as a fifth physical network competing with Verizon, ATT, Sprint, and T-Mobile. That'd be the best thing for the consumer, not Dish over-leveraging itself to get Sprint and preventing it from making the improvements it has to make to be competitive. If Dish can't afford to build out it's own network, maybe it could be an MVNO (renting bandwidth on existing networks like many of the smaller cell companies). There is a huge, huge difference between three competitors with physical networks and five competitors in terms of how pricing and competition are likely to go.