Sprint today announced that Clearwire has accepted Sprint’s raised bid of $5 per share to buy out Clearwire. The new deal values Clearwire at approximately $14 billion and represents a 47 percent premium over Sprint’s previous offer of $3.40 per share.
Dish is expecting to close by July 1 on its tender offer to purchase all outstanding common stock of Clearwire. The satellite provider said as much in a statement declaring opposition to Sprint’s lawsuit. Dish is arguing that Sprint’s request for expedited proceedings be denied.
In a statement released late yesterday, the satellite-TV provider said that Sprint’s decision to prematurely terminate Dish’s due diligence process and accept SoftBank’s revised acquisition bid of $21.5 billion has made it “impractical” for Dish to submit a new offer to Sprint. Dish instead said it will focus its efforts and resources on completing the Clearwire tender offer.
Sprint has filed a complaint with the Delaware Court of Chancery against Dish and Clearwire, asking the courts to put the brakes on Dish’s tender offer to Clearwire. In a press release, Sprint said “DISH has repeatedly attempted to fool Clearwire’s shareholders into believing its proposal was actionable in an effort to acquire Clearwire’s spectrum and to obstruct Sprint’s transaction with Clearwire.”
The hits keep coming between SoftBank and Dish Network. In an FCC filling posted today, SoftBank lashes back at Dish’s argument against SoftBank’s revised offer for Sprint, accusing Dish of trying to invoke a “xenophobic reaction.” In an FCC filing, Dish cited the reduction of capital Sprint will receive from SoftBank in a new deal—down to $5 billion from $8 billion in SoftBank’s original offer—as cause for some regulatory do-overs.
Sprint is showing signs that its WiMax network will shut down. As pointed out by CIO, additions to Sprint’s terms of service for new subscribers detail what will happen should the company discontinue WiMax service while subs are on contract.
Verizon Wireless and T-Mobile may not have been required to particpate in the NSA's phone surveillance program. Citing people familiar with the matter, the Wall Street Journal today reported that the NSA may have exempted T-Mobile and Verizon Wireless from the program for their foreign ownership...
Dish Network has deployed fixed broadband service in rural Virginia using nTelos’ 2.5 GHz wireless BRS spectrum. The initial tests yielded speeds of 20-50 Mbps. In May, Dish and nTelos announced a partnership to co-develop the service. For the initial test, the companies activated two wireless tower test sites in the Blue Ridge Mountains.
A special committee is reportedly recommending Clearwire’s board fully endorse Dish Network’s tender offer of $4.40 per share. The Wall Street Journal, citing a person familiar with the situation, reported that Clearwire will likely postpone the June 13 shareholder vote on Sprint’s current bid of $3.40 per share to buy out Clearwire.
SoftBank late Monday raised its bid to acquire Sprint to $21.6 billion from $20.1 billion, or $7.65 per share. Under the new agreement, SoftBank would take a 78 percent stake in Sprint, up from the 70 percent promised in the previous offer.
AT&T today announced a new iOS app for its business customers that will enable push-to-talk (PTT) features on the iPhone 4S and 5. The service will run over AT&T’s network but will also operate via Wi-Fi, which should provide improved in-building coverage for the service.
AT&T has extended the waiting period for upgrades on phones from 20 months to two years. In a blog post Sunday, the company said the new upgrade policy will apply to new contracts and any existing contracts ending March 2014 and later.
SoftBank might be interested in buying Deutsche Telekom’s (DT) 74-percent stake in T-Mobile USA, if the Japanese carrier’s $20.1 billion bid for Sprint falls through. Reuters is citing three sources familiar with the situation saying that the talks—a continuation of preliminary negotiations between SoftBank and DT that began last year—have recently ramped up in light of Dish’s competing bid of $25.5 billion for Sprint.
After yesterday’s public reveal of the National Security Agency’s (NSA) demands for Verizon customers’ data, more information is coming out suggesting the NSA’s casting a much bigger net. The Wall Street Journal, citing people familiar with the NSA’s operations, reports that the same initiative targeting Verizon data is also collecting similar information from AT&T and Sprint.
FreedomPop is a data-only MVNO that, up to this point, has pushed its freemium service model on hotspots, routers, dongles and connected cases. But that changes soon as the company is getting ready to offer an IP-based voice and messaging service along with data on actual Android phones...
Sprint is firing back at Dish’s offer to buy the remainder of Clearwire, calling the bid “not actionable” and saying it violates Delaware law and the existing Clearwire Equityholders’ Agreement (EHA). In a letter sent Wednesday to Clearwire’s board, Sprint CEO Dan Hesse made it clear that his company “will not vote in favor of [Dish’s] proposal, tender its shares in the offer or waive any of its rights as a stockholder or under the EHA.”
Verizon took the lion's share of smarpthone sales in the United States, due in part to the growth of Windows Phone, according to new numbers from Kantar Worldpanel Comtech. Of the carriers, Verizon grabbed 36.3 percent of smartphones sold, an annual increase of 1.8 percent. Sprint Nextel accounted for 13.1 percent of smartphones sold...
A shareholder advisory firm is backing Softbank in its attempted acquisition of a huge chunk of Sprint Nextel. The $20.1 billion bid from Japan's second-biggest mobile company would ease Sprint's debt burden and provide ample cash to improve its network and become a serious competitor, according to Institutional Shareholder Services...
In light of Dish’s offer yesterday financially trumping Sprint’s existing bid for Clearwire, the wireless broadband carrier has rescheduled a shareholder vote on Sprint’s bid to buyout Clearwire. Clearwire’s shareholders were scheduled to vote on the Sprint transaction May 31. Sprint last week raised its offer to $3.40 per share (up from $2.97), but Dish swooped in with a $4.40 per share tender offer at the last minute.
Dish Network has raised its bid for Clearwire to $4.40 per share, representing a 29 percent premium over the revised offer of $3.40 per share Sprint last week submitted to the internet wholesaler. The bid caused Clearwire’s stock to skyrocket in after hours trading and it’s currently up more than 20 percent in pre-market as of 8:13 a.m. CT.
Americans pay more for their cell service than Europeans, but they're getting a lot more use out of their phones, a global wireless trade group said Wednesday. In releasing the report, GSM Association urged European regulators to take cues from the U.S...
Sprint today announced that it and Japanese carrier Softbank have received clearance from the Committee on Foreign Investment in the U.S. (CFIUS) to move ahead with the proposed $20 billion merger of the two companies. The CFIUS’ approval comes with stipulations.
Sen. Charles Schumer urged regulators to "use extreme caution" when reviewing the proposed acquisition of No. 3 cell carrier Sprint Nextel by Japan's Softbank, saying the Japanese company's use of Chinese networking equipment could open up U.S. networks to snooping and hacking...
The California Public Utilities Commission voted to approve the transaction between Sprint and SoftBank. This decision marks the final necessary state approval for SoftBank’s proposed $20 billion bid to acquire 70 percent of Sprint. In a statement, the California Commission said the deal should lead to increased competition that “will benefit consumers and the telecommunications marketplace.”
Clearwire’s board of directors is recommending its shareholders vote in favor of Sprint’s revised bid to buy out the wireless wholesaler. Large minority shareholder Crest Financial Limited sent a letter chiding Clearwire’s board for postponing the vote and urging shareholders to vote against Sprint’s revised offer.