Sprint Nextel is suing Dish Network in an effort to block their attempt to buyout wireless data company Clearwire. Sprint said that Dish Network’s proposed deal violates Sprint’s and Clearwire’s shareholders. Dish offered Clearwire shareholders $4.40 per share.
Sprint is going to be expanding their 4G LTE network to 22 more cities. The faster connection will be able to download videos and send photos much faster than before. Sprint already offers 4G LTE in Atlanta, Boston, Houston, Dallas, L.A., Puerto Rico, and San Juan. Sprint’s LTE service is now going to be in a total of 110 markets. They are expected to reach around 200 million people by the end of 2013.
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According to Bloomberg, Sprint and Dish Network are no longer in talks for an acquisition. One of the big reasons for why the talks broke up is because of a failure to agree on a “breakup fee” that would be given to Sprint if the deal fell through. Allegedly, Sprint was demanding $3 billion and Dish was willing to give $1 billion.
SoftBank has announced that they have made a revised deal to acquire Sprint at a price of $21.6 billion. This is up $1.5 billion from SoftBank’s previous offer. SoftBank said that through the amended deal, an extended $4.5 billion of cash will go towards existing Sprint shareholders. SoftBank is currently in a bidding war with Sprint.
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Sprint has launched a new Android-based phone called the Vital that retails for $100 with a two-year agreement. The Sprint Vital has a 5-inch display at 720p and it has a 13-megapixel rear camera. The Vital also has a 1.5GHz dual core processor, 4G LTE connectivity, 1 megapixel front-facing camera, 1GB of RAM, 8GB of internal storage, and a 2,500 mAh battery.
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DISH Network Corp (NASDAQ:DISH) is increasing their offer for Clearwire today. They plan to raise their tender offer for shares in Clearwire to $4.40 per share in cash. Dish’s deal is better than the one from Clearwire’s majority owner, Sprint Nextel. Sprint is offering $3.40 per share and there is less than two days before shareholders are voting on their offer.
Dish Network has received $9 billion in “committed financing” for their $25.5 billion for Sprint. Japanese company SoftBank also made a bid to buy 70% of Sprint. SoftBank just completed the U.S. state regulatory review process for a potential sale.
Sprint Nextel Corporation has increased their offer for Clearwire today. Sprint is offering $3.40 per share for the 50% stake in Clearwire that they do not already own. This is a 14% premium to the previous $2.97 per share that was announced in December. This values the deal at $2.5 billion now. Sprint submitted a revised offer to Clearwire’s board, which is now being reviewed. Clearwire will likely review the new deal on May 30th during a special meeting.
