Satellite provider outbids Japan's Softbank by $5 billion
DISH Network and Sprint this morning announced that the satellite TV operator has submitted a bid worth $25.5 billion, very likely scuttling the $20.1 billion deal proposed last fall by Japan's Softbank.
DISH's proposal -- $17.3 billion in cash and $8.2 billion in stock -- would give Sprint shareholders $7 per share (actually, a mix of $4.76 in cash and the rest in DISH stock), based on the April 12 closing price. Sprint would then have access to some 45 MHz of spectrum.
The two companies have set up a joint microsite for the process, touting that "this combination will create an industry-leading spectrum portfolio and the only company that can offer customers a fully integrated, nationwide bundle of in- and out-of-home video, broadband and voice services.
There's a conference call set for this morning to break it down even further. We'll be kibitzing.