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Dish Network makes $25.5 bn bid for Sprint Nextel

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(Globalpost/GlobalPost)

New York, Apr 15 (EFE).- Satellite television provider Dish Network said Monday it was offering $25.5 billion for Sprint Nextel, topping the offer made for the wireless giant last October by Japan's SoftBank.

Dish Network is offering $17.3 billion cash and $8.2 billion in stock for Sprint, the third-largest wireless provider in the United States.

"The DISH proposal clearly presents Sprint shareholders with a superior alternative to the pending SoftBank proposal," Dish Network chairman Charlie Ergen said in a statement.

Englewood, Colorado-based Dish Network, the second-largest provider of satellite television in the United States, said its offer was 13 percent higher than SoftBank's.

"Sprint shareholders will benefit from a higher price with more cash while also creating the opportunity to participate more meaningfully in a combined DISH/Sprint with a significantly-enhanced strategic position and substantial synergies that are not attainable through the pending SoftBank proposal," Ergen said.

Shares of Sprint Nextel were trading up $0.88, or 14.15 percent, at $7.10 at 2:00 p.m. on the New York Stock Exchange, while Dish Network was down $1.66, or 4.36 percent, at $35.99 in Nasdaq trading.

http://www.globalpost.com/dispatch/news/agencia-efe/130415/dish-network-makes-255-bn-bid-sprint-nextel