Dish Network Corp (DISH.O) is terminating its bid for LightSquared Inc, the bankrupt telecom firm whose wireless spectrum Dish has been coveting, the Wall Street Journal reported, citing a person familiar with the matter.
Pay-TV network operator Dish is expected to disclose its letter of termination of the bid as soon as Thursday morning, the Journal said. (link.reuters.com/nej85v)
The move is the latest twist in a long-running saga involving LightSquared's portfolio of wireless spectrum, or broadband frequencies, in the United States. Dish offered $2.2 billion to buy LightSquared, a bid that the telecom firm's controlling shareholder, Harbinger Capital Partners, said undervalued the target's assets.
Dish Network and LightSquared could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Kenneth Maxwell)