DISH Network (DISH): Impossible to Buy Sprint (S), We'll Focus on Clearwire (CLWR)
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DISH Network Corp. (Nasdaq: DISH) issued the following statement updating the status of its proposal to merge with Sprint Nextel Corporation (NYSE: S):
“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 (Nasdaq: CLWR) tender offer.”
“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 (Nasdaq: CLWR) tender offer.”
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