Dish Network asks FCC to delay Sprint-Softbank merger due to competition for Clearwire
DISH contends that the hold is necessary since it is competing with Sprint to acquire Clearwire, of which Sprint has long held a majority stake. Shortly after the announcement to be acquired by SoftBank, Sprint was infused with cash from a convertible bond redeemable to SoftBank. Sprint used that money to regain a majority share in Clearwire and a short while later, Sprint announced its intent to buy the remainder of the struggling operation to the tune of $2.97 per share.
That deal was likely as good as done despite whatever protests from minority shareholders until DISH then tendered a competing bid which equaled $3.30 per share. Now, DISH has filed with the FCC arguing that the Sprint-SoftBank deal should be put on hold while the Clearwire deal is also under consideration.
If the Sprint acquisition of Clearwire were to unravel, it would be interesting to see what impact it might have on SoftBank’s plans, since it is well known that Clearwire’s spectrum was a desired component of SoftBank’s strategy.
sources: FCC (PDF) via Phonescoop
1. -SEUL8TR- (Posts: 113; Member since: 13 Jan 2013)
Ha ha ha yes I'm first on this one 2, o boy....
2. cripton805 (Posts: 746; Member since: 18 Mar 2012)
For gods sake Dish. They already said that they werent interested in your money. Dish would probably bring them down.
3. nyamo (Posts: 273; Member since: 19 Mar 2011)
and sprint's history is any better? i only have hope since softbank would be there to help guide the way, since sprint is unable to hire a competent ceo
4. cripton805 (Posts: 746; Member since: 18 Mar 2012)
Well the current CEO is putting as much power as he can into LTE. He also gave out his personal number for complaints. Hes also fairly new.
Im happy with this CEO and Sprint is one of the top three green companies in the US.
5. KFear (Posts: 119; Member since: 06 Feb 2012)
The CEO of Sprint has done HUGE things for Sprint. They were HORRIBLE HORRIBLE HORRIBLE before. A lot more new lines now and MUCH better customer care, though this is telecommunications care we are talking about.
6. gravityron (Posts: 20; Member since: 07 Aug 2012)
Thank you for the story, Maxwell R. I hate to bust your chops, but it's "with regard to" - not "with regards to."
8. gravityron (Posts: 20; Member since: 07 Aug 2012)
Thank you, sir. This is one of the top reasons that PhoneArena is the best reporting site for mobile news.