sprint

Sprint announced Monday morning that SoftBank has given it permission to consider a competing offer from Dish Network. The carrier announced in October that SoftBank made a $20 billion offer in return for a 70 percent holding in the company. Dish followed up with a $25.5 billion offer in April, and then asked the FCC to halt its examination of the Sprint/SoftBank deal.

“The waiver will permit Sprint and its representatives, including the Special Committee of the Sprint board, to enter into a non-disclosure agreement and discussions with DISH for the purpose of clarifying and obtaining further information from DISH regarding its proposal made on April 15, 2013,” Sprint said in its statement Monday. “The SoftBank waiver does not permit Sprint to provide non-public information to DISH nor does it enable Sprint to enter into negotiations with DISH. Such actions may be taken by Sprint only in accordance with the Sprint-SoftBank merger agreement.”

The carrier said it will keep its lips sealed until the firm’s board has decided which company made the better offer.

Sprint Special Committee Provides Transaction Update

OVERLAND PARK, Kan.–()–Sprint Nextel (NYSE: S) today announced that it had received from SoftBank Corp. a waiver of various provisions of the merger agreement between Sprint and SoftBank. The waiver will permit Sprint and its representatives, including the Special Committee of the Sprint board, to enter into a non-disclosure agreement and discussions with DISH for the purpose of clarifying and obtaining further information from DISH regarding its proposal made on April 15, 2013. The SoftBank waiver does not permit Sprint to provide non-public information to DISH nor does it enable Sprint to enter into negotiations with DISH. Such actions may be taken by Sprint only in accordance with the Sprint-SoftBank merger agreement.

Sprint does not intend to make any further comment on the work of the Special Committee until it completes an assessment with respect to whether the DISH proposal is, or is reasonably likely to lead to a Superior Offer (as defined in the Sprint-SoftBank merger agreement) and the Sprint board has considered such assessment.

Image Source Social Barrel