Dish Network Corp., facing pressure to shore up its takeover bid for Overland Park-based Sprint Nextel Corp. after making a $25.5 billion unsolicited offer in April, said its existing bid is already a “formal proposal.”
“Dish submitted a formal proposal to merge with Sprint on April 15,” the satellite provider said Monday in a statement. “Dish and Sprint continue to meet regularly and conduct the due diligence process that began in late May. In addition, Dish and Sprint continue to negotiate the terms of a merger agreement.”
Dish made its bid as a counteroffer to Softbank’s $20.1 billion takeover agreement, which was reached last October.
“We believe our proposal is both economically and strategically superior to that of SoftBank,” Dish said in today’s statement.