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Dish Abandons Battle With SoftBank for Control of Sprint

Dish Network Corp. abandoned its effort to acquire Sprint Nextel Corp., making way for bidding rival SoftBank Corp. to gain control of the third-biggest U.S wireless carrier.

Dish, in a regulatory statement today, didn’t specify why it was pulling out of the bidding. The Englewood, Colorado-based company said it would redeem $2.6 billion of bonds that it had issued in May in connection with its bid.