Multiple sources say Sprint
has accepted an offer from Dish Network to acquire the wireless
telecommunications giant for $25.5 billion, with $17.3 billion payable in cash
and the remaining $8.2 billion in stock.
Sprint employees were
informed of the agreement via non-disclosure paperwork earlier this afternoon, but
the deal still is subject to FCC approval.
There is currently no
word on how the sale – if approved – would affect Sprint’s status as title
sponsor of the NASCAR Sprint Cup Series.
UPDATE: Sprint Nextel has now confirmed that its Board of Directors has formed a Special Committee of independent directors to review and carefully evaluate the proposal received from DISH with its financial and legal advisors.
UPDATE: Sprint Nextel has now confirmed that its Board of Directors has formed a Special Committee of independent directors to review and carefully evaluate the proposal received from DISH with its financial and legal advisors.
A release from Sprint
said the Special Committee will evaluate the proposal and additional
information that the committee has requested from DISH and provide its
assessment to the full Board in due course whether the proposal is -- or is
reasonably likely to lead to -- a Superior Offer (as defined in the Agreement
and Plan of Merger with SoftBank Corp.). Neither the Board nor Sprint intends
to comment further at this time.
The Special Committee
consists of Larry C. Glasscock, James H. Hance, Jr., V. Janet Hill, William R.
Nuti, and Rodney O’Neal. Mr. Glasscock will serve as Chairman of the Special
Committee.
The special committee
has retained BofA Merrill Lynch to act as its financial advisor, and Shearman
& Sterling LLP as its legal counsel.
Sprint advises
shareholders that they need not take any action at this time in response to
DISH’s proposal pending review by Sprint’s Special Committee.
Officially, Sprint said on Monday that its board had formed a special committee of independent directors to review Dish Network's offer.
ReplyDeleteI can see it now, The DISH Cup.
ReplyDeleteThey already used up their one name change. Unless they are under the new deal
ReplyDeleteIf it is a dish how can it be a cup?
ReplyDeleteWell ... technically a cup is a type of dish. A plate is another type of dish as well as a saucer. But calling it a Dish Cup is sort of redundantly twisted. I need to go stare into my cupboard now for awhile just to unravel this in my brain ...
ReplyDeleteI know this is getting silly, but how 'bout the CUP & SAUCER?
ReplyDeletethat should b interesting with the deal set up with direct tv
ReplyDeleteThe "Hoppa" Cup.
ReplyDeleteDish may own Sprint in future but that doesn't mean that Dish won't continue to use the Sprint branding
ReplyDeleteWhen I got wind of this the first thought I had was dish wants the bandwith form the old nextel network witch sprint shut down last year, I would be suprized if nascar even entered there minds
ReplyDelete