Dish Network offers $25.5 billion to buy Sprint Nextel

  • Dish Network has offered to pay $25.5 billion to buy mobile phone company Sprint Nextel.

    Sprint has already received a $20 billion bid for 70 percent of its shares from the Japanese telephone firm Softbank.

    Softbank is currently awaiting approval from US authorities for the bid.

    The Softbank bid was announced in October last year and comes as Sprint sets out to strengthen itself against rivals such as AT&T and Verizon.

    Colorado-based Dish, the second biggest US satellite television provider, boasts of more than 14 million subscribers.

    On Monday, it said that its offer consisted of $17.3 billion in cash and $8.2 billion in stock.

    Sprint shareholders would receive $7 a share, which comes in at 13 percent higher than its closing price on Friday of $6.22.

    This includes $4.76 per share in cash and 0.05953 Dish shares for every Sprint share.

    Sprint is yet to comment on the bid.

    Tagged as: technology news, Dish Network, Sprint Nextel, network dish