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US: In latest development, Dish is out for Sprint takeover

By  |  June 12, 2013

Wireless company Sprint has reportedly walked away from Dish’s $25.5 billion buyout offer despite its financial superiority over rival bidder’s SoftBank offer. According to reports, Sprint Nextel Corp. CEO Dan Hesse announced to employees that the company would no longer participate in buyout talks with Dish, though a deadline of June 18 remains intact for Dish to present its “best and final offer.” A letter detailing the news was filed with the US Securities and Exchange Commission late Tuesday. Hesse told the company that “Dish’s unsolicited proposal to acquire Sprint was not reasonably likely to lead to an offer superior to the SoftBank agreement.” SoftBank has offered $21.6 billion for the wireless company as it looks to enter the US mobile telecom market; SoftBank revised its original offer up from $20.6 billion this week. Reports say that financing issues and termination fees are speculative reasons for the fallout with Dish.

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