Sprint gets OK from SoftBank to explore rival Dish offer
Sprint will now be able to enter into a non-disclosure agreement and discussions to clarify and obtain further information on the Dish offer.
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Sprint Nextel has received approval from SoftBank to continue talking to Dish Network about its rival takeover offer, the carrier said Monday.
Sprint has already agreed upon a deal in which it would merge with SoftBank, a wireless carrier based in Japan. But Dish last week launched a sweetened $25.5 billion bid for Sprint.
The carrier said Monday that it had gotten a waiver from SoftBank to clarify and obtain additional information on the Dish proposal. Sprint is now able to enter into a non-disclosure agreement with Dish, although it is not able to provide Dish with non-public information. It also does not allow Sprint to enter into negotiations with Dish.
Sprint said in a statement that it does intend to comment further on the work of the special committee assigned to look into the Dish offer.
The carrier could push for a heightened offer from SoftBank, although the Japanese company has said that it believes its current offer is superior on both a short and long-term basis. Sprint CEO Dan Hesse said the companies are still on track for a July 1 merger.