Softbank permits Sprint to engage in DISH discussions

30 Apr 2013

Sprint Nextel says that it has received permission from Japan’s Softbank Corp – which lodged a USD20.1 billion bid to acquire a 70% stake in Sprint in October 2012 – to proceed with discussions with satellite TV giant DISH Network, regarding the latter’s rival proposal to acquire Sprint. The mobile giant noted that the waiver ‘will permit Sprint and its representatives, including the special committee of the Sprint board, to enter into a non-disclosure agreement and discussions with DISH for the purpose of clarifying and obtaining further information from DISH regarding its proposal made on 15 April 2013. The Softbank waiver does not permit Sprint to provide non-public information to DISH, nor does it enable Sprint to enter into negotiations with DISH. Such actions may be taken by Sprint only in accordance with the Sprint-Softbank merger agreement’. Earlier this month long-time wireless market aspirant DISH countered the Japanese firm’s offer with a rival bid of USD25.5 billion.

United States, DISH Network, SoftBank Group Corp, Sprint Corporation (now part of T-Mobile US)