Dish gives up their plans to buyout Sprint, but will still focus on their offer for Clearwire
Dish Network has declined to submit a new bid in their on-again, off-again plan to acquire Sprint, and will miss the June 18 deadline. This opens the way for SoftBank to carry out their original plans to buy a significant portion of the U.S. carrier, pending regulatory approval of course.
In a statement released today, Dish says they are unable to submit a bid by the deadline because Sprint has "made it impracticable for Dish to submit a revised offer by the June 18th deadline". The company will consider their other options to strike some sort of a deal with Sprint, and will continue to focus on a separate offer for Clearwire.
Source: All Things D
While Dish continues to see strategic value in a merger with Sprint, the decisions made by Sprint to prematurely terminate our due diligence process and accept extreme deal protections in its revised agreement with SoftBank, among other things, have made it impracticable for Dish to submit a revised offer by the June 18th deadline imposed by Sprint. We will consider our options with respect to Sprint, and focus our efforts and resources on completing the Clearwire tender offer.
With Dish out of the way, the June 25 vote to accept or reject SoftBank's $21.6 Billion takeover should go on as scheduled.
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