Entries with tag sprint nextel.

SoftBank Ups Ante in Bid for Sprint Nextel

Japanese telecommunications company SoftBank has increased its bid from $20.1 billion for a 70 percent stake in for Sprint Nextel—the US’s third-largest cellular carrier —to $21.6 billion for a 78 percent share. SoftBank has also, as part of the bid, increased its cash offering to shareholders by 5 percent to $7.65 per share. US satellite-TV service provider Dish Network has bid $25.5 billion for Sprint Nextel, worth roughly $7 per share for all the entire company. Dish now has until 18 June to submit a new “best and final” bid. However, Sprint executives have said they do not expect one and have ended talks with Dish. Shareholders are expected to vote on the purchase offers at a 25 June meeting. If approved, this would reportedly be the largest overseas deal by a Japanese firm. (BBC)(The New York Times)

Dish Ups Ante in Clearwire Bid

Dish Network raised its offer for Clearwire in a battle to acquire the wireless carrier against Sprint Nextel. Dish Network is offering $4.40/share; Sprint has offered $3.40/share. The new offer also prompted a delay in a shareholder vote on the offer from Sprint Nextel that was to have transpired Friday. Sprint owns 50 percent of Clearwire and is offering to purchase those shares it does not own. At the same time, Sprint is being courted by SoftBank, a Japanese firm that has clearance from the US feds to proceed with the deal. SoftBank is in a bidding war for the firm with Dish Network. (USA Today)(Reuters -- 1) (Reuters -- 2)

SoftBank Not Changing Bid for Sprint despite Competition

Although facing stiff competition in its quest to buy Sprint Nextel’s wireless business, leading suitor SoftBank is not changing its $20.1 billion bid for 70 percent of the company. Satellite-communications company Dish Network recently made a $25.5 billion counteroffer, giving Sprint shareholders $7 per share and 32 percent equity in the combined DISH/Sprint. Executives with SoftBank, a Japanese telecommunications firm, say they expect to complete the Sprint purchase, which regulators are reviewing now, by 1 July. Intel is backing SoftBank in the deal, saying in a recent letter to the US Federal Communications Commission that the merger would bring more competition to the US wireless market. A special meeting for Sprint shareholders to vote on the issue is tentatively scheduled for 12 June. (Reuters)(IT World)

Dish Network Bids $25.5 Billion for Sprint

Satellite TV provider Dish Network has submitted an informal $25.5 billion bid for Sprint Nextel, upping a previous offer from Japanese telecommunications company SoftBank. Dish has offered Sprint shareholders $4.76 in cash and roughly $2.24 in stock that would be financed through $17.3 billion in cash and debt financing. SoftBank offered $20.1 billion in October 2012. Sprint—the third-biggest US cellular provider with 56 million subscribers—has yet to comment on the Dish proposal. Sprint is currently the No. 3 cellphone service provider in the United States with 56 million subscribers nationwide. (ZDNet)(CNNMoney)(The New York Times)(Dish)

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