|DISH Network Acknowledges Receipt of NDA from Sprint|
Posted: 29-Apr-2013 [Source: DISH]
[Sprint responds to the Dish merger proposal with an NDA request.]
Englewood, CO -- DISH Network Corporation (DISH) today announced that it has received a non-disclosure agreement from Sprint Nextel Corp. (NYSE:S) ("Sprint"), requesting DISH’s agreement for the purpose of clarifying and providing further information to Sprint regarding its proposal made on April 15, 2013. Additionally, as stated in DISH’s announcement dated April 22, 2013, the Company is available to meet with Sprint’s Board, management and advisors to discuss its plans and willingness to provide committed financing.
DISH confirms that it has provided information to the Special Committee in response to their information requests and will continue to provide additional information. The Special Committee has expressed that they are reviewing this offer in good faith. Furthermore, DISH looks forward to being able to conduct confirmatory due diligence as soon as possible. DISH is confident it has exceeded the standards required in the proposed agreement between Sprint and SoftBank Corp. in terms of providing a bona fide written proposal that is reasonably likely to lead to a superior offer. According to the criteria in the agreement between Sprint and SoftBank Corp., DISH has detailed to Sprint’s Special Committee its proposal regarding financial terms, material legal terms, regulatory aspects, and financing commitments, as being more favorable from a financial point of view.
“We remain confident that the Sprint Board will share our view that this proposal is superior by offering Sprint shareholders greater value with a higher price and more cash, while also creating the opportunity to participate meaningfully in a combined, and competitively unique, DISH/Sprint,” said Charlie Ergen, Chairman of DISH Network. Mr. Ergen continued, “A combined DISH/Sprint will benefit from synergies and growth opportunities estimated at $37 billion in net present value that are not attainable through the pending SoftBank proposal. We have a proven track record in raising capital to fund strategic initiatives and have received a Highly Confident Letter from our financial advisor, Barclays, confirming our ability to raise the required financing.”
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