Northern, WI 04/19/2013 (usastockreport) – DISH Network Corp (NASDAQ:DISH) (Current: $39.24, Up by 2.04%) has asked the United States Federal Communications Commission to defer its action on the bid that Softbank Corp (TYO:9984) (Closed: 4365 JPY, up by 0.46%) has put forth to acquire Sprint Nextel Corporation (NYSE:S) (Current: $7.19). Dish said that since both the offers are still being considered and no final decision has been reached by the mobile provider, the agency should not act. In a filing, Dish said that the $25.5 billion offer that it has made Sprint on April 15 is a new and significant development. They added that this adds to the uncertainty that surrounds the $20 billion bid that Softbank had put forth in October.
The two contenders
The company also said that since the merger proposal that they have put forth is still on the Sprint board’s table the final decision about which offer should be decided-upon by the commission has not yet been settled. In a statement, the Overland park, Kansas-based Sprint said that its board will review the Dish offer. The Englewood, Colorado-based company had said that via their offer, the sprint shareholders would be getting $7 per share. This amount was to be inclusive of $4.76 in cash and stock which was a representation of nearly 32 percent of the combined company.
Sprint is America’s third-largest wireless carrier and Softbank had put forth a buy-out offer of $20 billion. If this offer sails through, Softbank will gain a 70 percent stake in the company.