Sprint Receives HSR Notification Related to DISH Network Proposal
OVERLAND PARK, Kan. (BUSINESS WIRE), May 06, 2013 - Sprint Nextel (NYSE: S) today announced that it had received formal notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act") that Charles Ergen, Chairman of DISH Network Corporation (NASDAQ: DISH), has filed to acquire in excess of 50 percent of Sprint's Series 1 Common Stock, through DISH Network or a wholly owned subsidiary of the company.
As a result of Mr. Ergen's submission, the HSR Act requires Sprint to make HSR filings with the US Department of Justice and Federal Trade Commission including certain information regarding Sprint's business operations, revenues, and shareholdings. Sprint's Special Committee, established on April 22, 2013, continues to evaluate DISH Network's proposal and has not yet determined whether the proposal is, or is reasonably likely to lead to, a Superior Offer as such term is defined in Sprint's existing merger agreement with Softbank Corp. The company does not plan to comment further until the appropriate time.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 55 million customers at the end of the first quarter of 2013 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing it as one of the nation’s greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.