In an announcement last Monday, Sprint Nextel Corp said that Softbank Corp, its partner in an agreed upon merger, has agreed to waive some of the terms of their merger agreement to allow Sprint to seek more information on the bid offer of Dish Network Corp.
This confirms that Sprint and Dish are in discussion regarding the latter's US$25.5 billion bid to takeover Sprint. Currently, Sprint is abiding by its US$20.1 billion agreement with the Japanese investor.
Dish also confirms that it had received a request from Sprint to provide more information together with a non-disclosure agreement to keep the obtained information private. There was information already provided to Sprint in response to several requests made from the Sprint special committee.
According to Softbank, the waiver it granted does not allow Sprint to disclose nonpublic information or undertake negotiations with Dish. Dish, in response said, it is looking 'forward to being able to conduct confirmatory due diligence as soon as possible' with Sprint.
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