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
Dish said it was pleased with the formation of the committee
by Sprint and that it was available to meet with Sprint's Board,
management and advisors to discuss its plans and its
"willingness to commit to financing."
Dish's offer would require the company to raise about $9.3
billion in financing.
Sprint's special committee will be chaired by director Larry
Glasscock. It 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 closed at $7.17 on the New York Stock
Exchange on Monday, flat with their Friday close. Dish shares
gained $1.10 or about 2.8 percent at $40.10 on Nasdaq.