As reported earlier today Dish Network made a $25 billion offer to buy Sprint Nextel. This would enable Dish to combine high-speed Internet, cellular service, and television into one package.
According to the Christian Science Monitor Dish claims that "its bid is superior to that of Japanese phone company SoftBank." Last October Softbank made an offer of $20 billion for 70% of Sprint Nextel and had been expecting the deal to close in summer 2013.
The Dish offer is also for 70% of the company and is comprised of $17.3 billion in cash and $8.2 billion in stock. Sprint shareholders would be eligible for $7 per share under the provisions of the deal.
In a letter from Dish Chairman Charles Ergen to Sprint Chairman James H. Hance Jr., this offer was made public due to the agreement with Softbank and an upcoming shareholder vote.
Sprint shares rose 13.50% closing at $7.06 today.
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