NEW YORK, April 22 Sprint Nextel said on
Monday that its board had formed a special committee of
independent directors to review Dish Network's $25.5
billion takeover bid for the No. 3 U.S. mobile provider.
Sprint had said last week that it would evaluate the Dish
offer, which challenges Sprint's October agreement to sell 70
percent of its shares to Japan's SoftBank Corp for
The committee, which will be chaired by director Larry
Glasscock, hired BofA Merrill Lynch as its financial adviser and
Shearman & Sterling LLP a its legal counsel.
Other Sprint special committee members include James Hance,
V. Janet Hill, William Nuti and Rodney O' Neal.
Sprint's shares were up a penny at $7.18 on the New York
Stock Exchange in morning trading. Dish shares gained 53 cents,
or about 1.2 percent, to $39.54 on Nasdaq.