Dish to Abandon Unsolicited Bid to Acquire Sprint Nextel

Dish Network Corp. (DISH) said it’s dropping a bid to buy Sprint Nextel Corp. (S), a day after the target company raised an offer for Clearwire Corp. (CLWR)

Dish will also redeem senior notes maturing in 2017 and 2023 as a result of abandoning the transaction, the Englewood, Colorado-based company said today in a statement.

Dish is also bidding for Clearwire as part of a broader struggle between the pay-television company and Tokyo-based SoftBank Corp. (9984) to enter the U.S. wireless market. Sprint rejected Dish’s unsolicited offer earlier in June.

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