Dish Network stopped its bid to acquire Sprint Nextel Cop. Today as SoftBank Corp. advances its pursuit of the United States' third largest wireless telecommunications company.
There was no information on why Dish Network Corp. is pulling out of the bidding. The company stated that it would redeem its bonds amounting to $2.6 billion that it has issued during the bidding last May.
Sprint previously rejected the Colorado-based company's latest offer, favoring SoftBank's $21.6 billion bid. The company did no sweeten its offer before Sprint's June 18 deadline in lieu of its plan to acquire Clearwire Corp.
"Dish abandoning plans to acquire Sprint tells you either they didn't see much value in the deal or just that they noticed SoftBank was in a much stronger position," said Luis Benguerel, analyst and equity trader at Interbrokers based in Barcelona, Spain. "Dish may well follow AT&T now and look at Europe for acquisitions as prices are much cheaper there," he predicted.
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