Dish Network declined to submit a new bid for Sprint Nextel, leaving the carrier to Japan’s SoftBank. The satellite TV provider quoted “extreme deal protections” included in Sprint’s revised acquisition agreement with SoftBank for its decision not to pursue the deal. Here’s what they said:
While Dish continues to see strategic value in a merger with Sprint, the decisions made by Sprint to prematurely terminate our due diligence process and accept extreme deal protections in its revised agreement with SoftBank, among other things, have made it impracticable for Dish to submit a revised offer by the June 18th deadline imposed by Sprint. We will consider our options with respect to Sprint, and focus our efforts and resources on completing the Clearwire tender offer.
Now it’s up to Sprint’s shareholders to vote on the Japanese company’s $21.6 billion takeover offer on June 25th. More to come, obviously…