Dish Network Corp. said Friday it has abandoned its pursuit of Sprint Nextel
Corp., clearing the path for Sprint's $21.6 billion deal with SoftBank Corp.
Dish's announcement did not end the company's quest to acquire shares of Clearwire Corp., Sprint's wireless network partner that has agreed to merge with Sprint.
In a filing Friday with the Securities and Exchange Commission, Dish did not give an explanation for its decision to drop its bid for Sprint.
On Tuesday, the company said that a new agreement between Sprint and Tokyo-based SoftBank made a Dish offer "impractical" for the satellite television company. The agreement made it more difficult for Sprint to declare any rival bids superior to SoftBank's deal.
Sprint shareholders are set to vote Tuesday on SoftBank's agreement to pay $21.6 billion for 78 percent of the Overland Park, Kan.-based wireless company.
Sprint had rejected an April proposal from Dish to buy Sprint for $25.5 billion, saying the offer was not one Sprint could act on.
Clearwire has set a July 8 shareholder vote on Sprint's offer to buy the roughly 49 percent of Clearwire it doesn't already own. The companies announced the $5 a share agreement Thursday.
Dish has an offer to buy Clearwire shares directly from investors for $4.40 a share.
(c)2013 The Kansas City Star (Kansas City, Mo.)
Visit The Kansas City Star (Kansas City, Mo.) at www.kansascity.com
Distributed by MCT Information Services
KeyWords:: BC-SPRINT-DISH:KC BC SPRINT DISH KC
Most Popular Stories
- National Retail Federation Reduces Sales Forecast
- Hispanic Leader Goes the Extra Mile
- Xavier Gutierrez Appointed to Bank Board
- Long-term Strengths Emerge in U.S. Economy
- Honda' s Accord Plug-in Hybrid Is a Fuel Miser
- Morgan Stanley Ponies Up $275 Million to Settle SEC Charges
- Weekly Jobless Claims Drop to Lowest Level in 8 Years
- Stop-Start Engines Save Gas, Reduce Emissions
- Naya Rivera and Ryan Dorsey Are Married
- Menendez: No Arms for Iraq Without Intel