Key Developments: DISH Network Corp (DISH.O)
39.93USD
21 May 2013
$1.23 (+3.18%)
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$38.86
3,332,084
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$26.12
Latest Key Developments (Source: Significant Developments)
Dish Network Corp and Sprint Nextel Corp to Begin Due Diligence, Engage in Talks
Dish Network Corp responded to Sprint Nextel Corp's announcement (Sprint) that it has received a waiver of various provisions under the merger agreement between it and SoftBank Corp. The waiver will permit Sprint and its representatives to furnish non-public information concerning Sprint to DISH, and to engage with DISH in discussions and negotiations regarding its proposal made on April 15, 2013. Full Article
Dish Network Corp Offers $2 Billion For Lightsquared Spectrum-DJ
Dow Jones reported that according to Bloomberg News Dish Network Corp has offered $2 billion for LightSquared Inc spectrum. LightSquared, now in bankruptcy proceedings, would use proceeds from a spectrum sale to pay secured debt, the people told Bloomberg. Full Article
Dish Network Corp Places Offering Of $2.6 Billion In Senior Notes
Dish Network Corp announced that its subsidiary, DISH DBS Corporation (DISH DBS), has priced an offering of $1.25 billion aggregate principal amount of 5% Senior Notes due 2017 (the 2017 Notes) and $1.35 billion aggregate principal amount of 6.25% Senior Notes due 2023 (the 2023 Notes, and together with the 2017 Notes, the Notes). The 2017 Notes will be issued at an issue price of 100% and the 2023 Notes will be issued at an issue price of 100%. The net proceeds of the offering will be placed into escrow. The net proceeds from the sale of the Notes in this offering will be released from escrow to make a cash distribution to DISH Network to finance a portion of the cash consideration for DISH Network`s proposed merger with Sprint Nextel Corporation (Sprint). If at any time on or prior to the escrow end date DISH Network does not acquire or merge with Sprint (or acquires or merges with Sprint in a transaction for which the cash consideration paid by DISH Network is less than $2.6 billion) or DISH Network abandons its efforts to acquire Sprint, DISH DBS will be required to redeem all of the Notes. The offering is expected to close on May 28, 2013. Full Article
Dish Network Corp Announces Debt Offering
Dish Network Corp announced that its subsidiary, DISH DBS Corporation (DISH DBS), plans to offer, subject to market and other conditions, approximately $2.5 billion aggregate principal amount of its senior notes. The net proceeds of the offering will be placed into escrow. The net proceeds from the sale of the notes in this offering will be released from escrow to make a cash distribution to DISH Network to finance a portion of the cash consideration for DISH Network`s proposed merger with Sprint Nextel Corporation (Sprint). If the proposed merger with Sprint does not occur on or prior to the escrow end date, or if DISH DBS elects at any time on or prior to the escrow end date, DISH DBS will redeem all of the notes. Full Article
Dish Network Corp Makes National Security Argument For Sprint Nextel Corp Offer; Asks To Suspend Review Of Proposed Sprint Acquisition To Softbank Corp-Reuters
Reuters reported that Dish Network Corp is asking U.S. regulators to suspend the review of the proposed acquisition of Sprint Nextel Corp to Japan's Softbank Corp, saying its own counter-bid would be preferable for U.S. national security reasons. Dish in the past has asked the Federal Communications Commission for such a suspension, but in a filing posted online on Thursday, the satellite TV provider reinforced the request with arguments promoting its own, unsolicited $25.5 billion bid made for Sprint on Monday. Sprint's board, which previously agreed to the SoftBank offer, is now studying the Dish offer. In the filing, Dish touted the premium its bid would offer Sprint shareholders and also pointed to SoftBank's foreign origin, saying that the Japanese company lacked the existing in-market infrastructure, among other things. Full Article
Omega Joins Shareholders Talking Up Dish Network Corp's Bid For Sprint Nextel Corp Over Softbank Corp's Offer-Reuters
Dow Jones reported that Omega Advisors, one of the biggest shareholders in Sprint Nextel Corp, on Wednesday joined a growing group of investors who say they favor Dish Network Corp's $25.5 billion bid for the Company over Softbank Corp's offer. Dish Chairman Charlie Ergen on Monday announced a challenge to SoftBank's $20.1 billion offer to buy 70% of Sprint, prompting support from shareholders including activist Paulson & Co. on Tuesday. Full Article
Dish Network Corp's $25.5 Billion Sprint Nextel Corp Bid May Force Others To Act-Reuters
Reuters reported that Dish Network Corp, on Monday offered to buy wireless service provider Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could inspire other telecoms or video companies to consider their own prospects of combining. Dish’s offer could trump a proposal in October by Japanese wireless operator Softbank Corp to buy 70% of Sprint for $20.1 billion. Unlike SoftBank, which is only proposing an investment in Sprint, Dish is promising to bring customers technical benefits - the ability to watch video anywhere, anytime through a combination of its satellite service with Sprint’s wireless network. It is the boldest step yet by Dish Chairman Charlie Ergen, who has spent billions of dollars on wireless spectrum in the last few years and made a counteroffer to a bid by Sprint for Clearwire Corp, a spectrum-rich wireless company majority-owned by Sprint. Full Article
Dish Network Corp Proposes Merger With Sprint Nextel Corp For $25.5 Billion
Dish Network Corp announced that it has submitted a merger proposal to the Board of Directors of Sprint Nextel Corporation for a total cash and stock consideration of $25.5 billion. The DISH proposal clearly represents superior value to Sprint shareholders, including greater ownership in a combined company that is better positioned for the future with more spectrum, products, subscribers, financial scale and new opportunities. DISH is offering Sprint shareholders a total consideration of $25.5 billion, consisting of $17.3 billion in cash and $8.2 billion in stock. Sprint shareholders would receive $7.00 per share, based upon DISH's closing price on April 12, 2013. This consists of $4.76 per share in cash and 0.05953 DISH shares per Sprint share. Barclays is acting as financial advisor to DISH. Full Article
Dish Network Corp Announces Offering Of $2.3 Billion In Senior Notes
Dish Network Corp announced that its subsidiary, DISH DBS Corporation, has priced an offering of $1.1 billion aggregate principal amount of 5.125% Senior Notes due 2020 (the 2020 Notes) and $1.2 billion aggregate principal amount of 4.250% Senior Notes due 2018 (the 2018 Notes). The 2020 Notes and the 2018 Notes will, in each case, be issued at an issue price of 100%. The net proceeds of the offering are intended to be used for general corporate purposes, which may include wireless and spectrum-related strategic transactions. The offering is expected to close on April 5, 2013, subject to customary conditions. Full Article
Clearwire Corp Taps Sprint Nextel Corp Funds, To Reduce Chances For Rival Bid From Dish Network Corp-Reuters
Reuters reported that Clearwire Corp would draw on $80 million in financing from Sprint Nextel Corp, which is seeking to buy it, reducing the chances for rival bidder Dish Network Corp. Clearwire, which is already majority owned by Sprint, would continue talks with Dish but that it has not changed its recommendation in favor of its agreement with Sprint. Full Article
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