As Softbank’s revised bid lurches toward next week’s shareholder vote, Dish has thrown in the towel and will not be submitting that best-and-final offer after all. That decision at least simplifies the playing field.
Blaming Sprint’s decision to cut off the due diligence process, they said a revised bid was impractical They had made a preliminary bid of $25.5B, and did manage to force Softbank to boost its own bid to $21.6B with a bigger cash component and got Sprint to at least listen. But now the path forward for Softbank is clear, and they’ll probably win the vote next week.
But what Softbank might still have trouble getting is all that Clearwire spectrum. With Sprint’s lawsuit yesterday trying to stop Dish’s $4.40 tender offer things are just getting uglier, and it’s not at all clear just where it will all shake out.
But the rest of the picture is simpler now: Softbank is buying Sprint, while Sprint and Dish are wrestling over Clearwire. Simpler doesn’t necessarily mean resolved, however.
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Categories: Mergers and Acquisitions · Wireless
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