The cellular provider said it's received formal notice that the satellite operator's CEO Charles Ergen would take a more than 50% personal stake in the Sprint Nextel (S) as part of a takeover bid. Dish Network (DISH) in April offered to buy Sprint Nextel for $25.5 bil in cash and stock, aiming to derail Japan-based SoftBank's earlier deal to buy 70% of the wireless firm for $20.1 bil. Separately wireless firm Clearwire (CLWR) endorsed Sprint Nextel's takeover bid, over a rival offer from Dish. Sprint shares rose 0.7% to 7.20. Dish rose 0.8% to 39.98.
- Information Technology
- Mergers, Acquisitions & Takeovers
- Sprint Nextel
- Dish Network
- Charles Ergen