In a letter posted today on the Federal Communications Commission website, the Justice Department stated no objection with regards to the SoftBank Corp. offer of US$20.1 billion for the acquisition of Sprint Nextel Corp.
SoftBank cleared a US security review of its proposed deal with Sprint Nextel. This was after the Federal Communications Commission (FCC) finished reviewing the said bid. The FCC is the last US agency that reviews the offered deal.
Dish Network Corp. has made a US$25.5 billion counter bid for Sprint, the third biggest wireless carrier in the US.
The FCC has set a 180 day goal to review the offer proposed by Softbank and faces no deadline for its decision. However, the agency has gone beyond the said goal of whether or not to approve the purchase from the Japanese company, SoftBank.
SoftBank wishes to acquire Sprint as a means of a major jump to the US telecom industry. However, Dish urged the FCC agency to delay actions on said offer.
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