Sprint ups the ante - offering customers of competitors half off to switch providers

In a bid to lure customers from its top rivals, Sprint on Tuesday offered to allow those subscribers to cut their bills in half if they switched over from AT&T or Verizon.

The company, based in Overland Park, Kansas, has been revamping its customer service and network recently to pick up market share. Sprint also brought in Bolivian-born billionaire Marcel Claure as CEO in August to reinvigorate sagging subscriber rolls.

Sprint is the No. 3 U.S. cellphone carrier behind Verizon and AT&T. Its attempt to buy T-Mobile failed earlier this year and at that point, Sprint decided to shift its focus from growing through consolidation to growth by becoming a stronger provider.

Sprint said Tuesday that it will cut in half monthly rate plan for Verizon and AT&T customers who switch to Sprint beginning Friday. Customers must present a bill from their current carrier.

The deal does not expire as long as customers stick to the plan and Sprint is offering to pick up the termination fee, up to $350 per line.

The company will provide unlimited talk and text to anywhere in the U.S. while on the Sprint network, regardless of a customer's current plan, and match the customer's data allowance for half the cost they are currently paying monthly. Customers must get a new phone through Sprint as part of the deal.

Customers can take advantage of the deal online and in stores.

Shares of Sprint Corp. fell 7 cents to $4.80 in midafternoon trading, amid a broader market uptick.