SoftBank Corporation is doing something unusual to try and stop Dish Network’s acquisition offer for Sprint Nextel Corp. SoftBank owns 33% of Alibaba Group Holding Ltd and reportedly threatened banks that if they financed Dish’s $25.5 billion rival offer, it would hurt their chances of landing a role in Alibaba’s IPO, according to sources with Reuters.
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During a carrier event in Tokyo, SoftBank CEO Masayoshi Son introduced a new line of phones that the carrier will be supporting this summer. He also used the event as a platform for discussing why SoftBank would be a better owner for Sprint than Dish Network. Son pointed out that SoftBank has improved their networks by adding interference-reducing single frequency network (SFN) technology. This helps improve transfer speed and signal quality, which would be beneficial for Sprint.
Oh no, he didn’t! Dish Network chairman Charlie Ergen responded to SoftBank’s CEO Masayoshi Son criticism of their potential deal with Sprint in an interview with USA Today. Ergen emphasized that Dish is offering a higher price and they are an American company.
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Masayoshi Son, the CEO of SoftBank, is not happy that Dish Network outbid his company for an acquisition of Sprint. Son called the idea of Dish merging their satellite TV service with Sprint’s wireless service “ridiculous.” Son criticized Dish Network’s deal for Sprint during a 90 minute investor presentation meeting in Japan. During the presentation, he discussed why SoftBank’s offer is superior and believes that they do not need to increase their offer for Sprint.
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Last week, we reported that Sprint formed a committee to review Dish Network’s unsolicited proposal. Dish Network made a $25.5 billion bid to acquire Sprint in early April in an effort to outbid SoftBank. Dish Network’s offer is a 13% premium on SoftBank’s deal. Today Sprint announced that they have received a waiver from SoftBank.
Sprint has formed a special committee that will be reviewing the unsolicited bid from Dish Network. Dish Network made a $25.5 billion bid to acquire Sprint Nextel last week in an effort to outbid Japanese mobile company, SoftBank. Dish Network’s offer is a 13% premium on the SoftBank deal.
Verizon Wireless is currently in talks to increase their wireless network by leasing spectrum from Clearwire, according to The Wall Street Journal. Verizon reportedly is willing to spend around $1.5 billion to lease the spectrum from Clearwire. A large percentage of Clearwire is owned by Sprint, Comcast, Time Warner, Brighthouse, Google, and Intel.
Dish Network has made a $25.5 billion offer for Sprint. Dish Network has been searching for ways to penetrate the wireless market for quite some time and this would be a big entrance into the market. Dish Network’s $25.5 billion offer is over $5 billion more than what Softbank offered for Sprint.