Sprint

Dish abandons Sprint purchase to focus on acquiring Clearwire

posted by Michael H. / Jun 18, 2013, 7:16 PM

Dish abandons Sprint purchase to focus on acquiring Clearwire

It looks like the final roadblock between SoftBank's purchase of Sprint has gotten out of the way. Dish Network has pulled its bid to buy Sprint, and says that it will instead focus its efforts on acquiring Clearwire in its ongoing plans to build its own wireless carrier. Dish had jumped in and outbid SoftBank for Sprint back in April, but now it is abandoning that plan, saying in a statement:

While DISH continues to see strategic value in a merger with Sprint, the decisions made by Sprint to prematurely terminate our due diligence process and accept extreme deal protections in its revised agreement with SoftBank, among other things, have made it impracticable for DISH to submit a revised offer by the June 18th deadline imposed by Sprint. We will consider our options with respect to Sprint, and focus our efforts and resources on completing the Clearwire tender offer.

SoftBank has been working towards purchasing a 70% stake in Sprint since October, and just last week the Department of Justice wrapped up its investigation into the proposal, and approved the merger. SoftBank also upped its offer to Sprint, in order to fend off Dish, but since Dish is no longer in the race, it looks like SoftBank has a clear shot.

source: Dish via The Verge

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8 Comments

1. roscuthiii

Posts: 2383; Member since: Jul 18, 2010

Like sands through an hourglass...

posted on Jun 18, 2013, 7:32 PM 1

2. palmguy

Posts: 974; Member since: Mar 22, 2011

SoftBank just stood back "like a boss", Sprint your mine. Dish, noooooooo!

posted on Jun 18, 2013, 7:39 PM 1

3. Numz

Posts: 34; Member since: Oct 31, 2009

I think Dish should just buy T-mobile.

posted on Jun 18, 2013, 8:03 PM 1

4. snowgator

Posts: 3617; Member since: Jan 19, 2011

Build it's own wireless carrier??? That is a challenge. Double dawg dare them to make that work.

posted on Jun 18, 2013, 8:45 PM 0

5. belovedson

Posts: 1060; Member since: Nov 30, 2010

no it would not be

posted on Jun 18, 2013, 11:12 PM 0

6. a_merryman

Posts: 749; Member since: Dec 14, 2011

No it would not be hard for Dish to build its own wireless carrier? How do you figure?

posted on Jun 19, 2013, 12:12 AM 0

7. ZeroCide

Posts: 810; Member since: Jan 09, 2013

DIsh is finished causing drama with softbank. now they will cause drama with clearwire. Sprint being the majority shareholder will not let it happen. Not sure what Dish doesn't get about that

posted on Jun 19, 2013, 1:00 PM 0

8. TheRequiem

Posts: 245; Member since: Mar 23, 2012

I think Dish has officially proved their stupidity. They need to let go of Clearwire unless they want to be sued for millions of dollars and they will, since they are for certain violating delaware law. They need to start focusing their attempts on other networks that might actually help them roll out their network. Clearwire and their buyout offer will take several months and since they are now officially being brought to court, that will most likely favor Sprint, they are digging their own grave by not focusing on rolling out their network and the legal process could take years.