Dish Network made an unsolicited bid today to acquire Sprint Nextel. The offer is for $25.5 billion which is a much better deal than the current $20 billion dollar bit from Softbank.
Softbank will more than likely up their bid for Sprint but the Dish bid would be an easier deal to close with regulatory authorities. There have been concerns about a Japanese company (Softbank) owning such a large portion of a U.S. based communications network.
Sprint released a brief statement to address the bid which eludes to them taking the offer seriously.
Sprint Board of Directors to Evaluate Unsolicited Proposal From DISH Network Corp.
OVERLAND PARK, Kan. April 15, 2013 – Sprint Nextel (NYSE: S) today confirmed it has received an unsolicited proposal from DISH Network to acquire the Company. The Company said that its Board of Directors will evaluate this proposal carefully and consistent with its fiduciary and legal duties. The company does not plan to comment further until the appropriate time.