Dish to Abandon Unsolicited Bid to Acquire Sprint NextelTom Lavell
Dish Network Corp. said it’s dropping a bid to buy Sprint Nextel Corp., a day after the target company raised an offer for Clearwire Corp.
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. to enter the U.S. wireless market. Sprint rejected Dish’s unsolicited offer earlier in June.