Key Developments: Sprint Nextel Corp (S)
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20 May 2013
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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
Sprint Nextel Corp Closes Transaction To Acquire United States Cellular Corp And Customers In The Midwest
Sprint Nextel Corp announced that it has completed its transaction with United States Cellular Corp to acquire 20MHz of PCS spectrum in various Midwest markets including Chicago, South Bend, Ind., and Champaign, Ill., and 10MHz of PCS spectrum in the St. Louis market. The additional spectrum will significantly increase Sprint`s network capacity and further improve the customer experience in these markets. In addition, the transaction includes approximately 420,000 U.S. Cellular customers. Full Article
Marathon Patent Group Inc's Relay IP Files Patent Infringement Lawsuits Against Sprint Nextel Corp and Others
Marathon Patent Group Inc's Relay IP (Relay) has filed patent infringement lawsuits in the United States District Court for the District of Delaware against Sprint Nextel Corporation, Juniper Networks, Cisco Systems, Bloomberg L.P., Hitachi Cable America, D-Link Corporation, Avaya, Hewlett-Packard Company, Enterasys Networks, Extreme Networks, TIBCO Software, BT Group, SAVVIS Inc., Zhone Technologies, Huawei Technologies, Allied Telesis, and Adtran (the Defendants). Relay is asserting infringement related to U.S. Patent number 5,331 ,637, entitled Multicast Routing Using Core Based Trees. The lawsuit alleges that the Defendants have infringed, and continue to infringe, the claims of the patent in suit by using the accused IP Multicast systems and methods covered by the claims of the Relay patent. Full Article
Sprint Nextel Corp Sees FY 2013 OIBDA At High End Of Prior Guidance
Sprint Nextel Corp announced that for fiscal 2013, it expects adjusted OIBDA to be at the high-end of the previous forecast of between $5.2 billion and $5.5 billion excluding the effects of the closing of strategic transactions. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $5.35 billion for fiscal 2013. 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
Crest Files Proxy Statement to Oppose Sprint Nextel Corporation-Clearwire Corporation Merger
Crest Financial Limited, the largest minority shareholder of Clearwire Corporation, filed a preliminary proxy statement that, when cleared by the Securities and Exchange Commission, will be used to urge Clearwire stockholders to reject the proposed merger with Sprint Nextel Corporation. In the preliminary proxy statement, Crest reiterates that it opposes the Sprint-Clearwire merger because it believes that "it would be better for Clearwire to remain a stand-alone company" because the Sprint offer of $2.97 in cash per share is inadequate – based on several measures – and was devised in a way that unfairly disadvantages minority stockholders. "A vote 'AGAINST' each of the Clearwire Special Meeting Proposals would send a firm message to the Clearwire Board and Sprint that Clearwire must pursue a business strategy that creates value for all Clearwire stockholders – not just Sprint," the preliminary proxy statement says. 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
Sprint receives SoftBank waiver to consider Dish offer
TOKYO - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier.
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