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Dish Says Will Not Renew Sprint Bid

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Dish Network says it will not submit a revised offer by the June 18th. deadline set by Sprint, for a proposed merger of the two entities.

In a statement issued by Dish, it said it will be focusing on completing the Clearwire tender offer.

Here is the text of the statement issued by Dish:

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 tender offer.

Japanese telecom and Internet behemoth SoftBank is the main contender to acquire Sprint now.

 

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