In response to media inquires about the current state of play regarding its proposal to merge with the Sprint Nextel Corp. (S), DISH Network Corp. (DISH) issued the following statement:
"DISH submitted a formal proposal to merge with Sprint on April 15, 2013. We believe our proposal is both economically and strategically superior to that of SoftBank. DISH and Sprint continue to meet regularly and conduct the due diligence process that began in late May. In addition, DISH and Sprint continue to negotiate the terms of a merger agreement."
In mid-April, satellite television provider Dish Network submitted a $25.5 billion cash and stock merger proposal to telecom services provider Sprint Nextel, calling the offer superior to that of Softbank Corp. (SFTBF.PK, SFTBY.PK), Japan's third-largest mobile carrier.
Earlier, in October, Softbank agreed to acquire 70 percent stake in Sprint Nextel for about $20.1 billion or nearly 1.57 trillion yen. As part of the deal, Softbank is to pay around $12.1 billion to Sprint shareholders and to invest $8 billion of new capital for various purposes, including strengthening of Sprint's balance sheet.
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