OVERLAND PARK, Kan. – Sprint Nextel says SoftBank is allowing it to seek more information from Dish Network related to its rival bid for the third-largest U.S. cellphone company.
Overland Park, Kan.-based Sprint has agreed to sell 70 per cent of itself to Japan’s Softbank Corp. for $20.1 billion. But it recently got a competing $25.5 billion offer from Dish Network Corp. for the whole company.
Under the agreement with SoftBank, Sprint can enter into a non-disclosure agreement and talks with Dish so it can clarify and obtain additional information from Dish related to its bid for the company.
Sprint isn’t allowed to provide non-public information to Dish and can’t enter into negotiations with the company.
SoftBank says it remains confident in its offer and expects the deal to close in July.