Sprint and DISH NetworkSatellite 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.

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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. 

Source: CompleteDishSolution.com