Sprint Special Committee Provides Transaction Update
OVERLAND PARK, Kan. (BUSINESS WIRE), April 29, 2013 - Sprint Nextel (NYSE: S) today announced that it had received from SoftBank Group Corp Corp. a waiver of various provisions of the merger agreement between Sprint and SoftBank Group Corp. The waiver will permit Sprint and its representatives, including the Special Committee of the Sprint board, to enter into a non-disclosure agreement and discussions with DISH for the purpose of clarifying and obtaining further information from DISH regarding its proposal made on April 15, 2013. The SoftBank Group Corp waiver does not permit Sprint to provide non-public information to DISH nor does it enable Sprint to enter into negotiations with DISH. Such actions may be taken by Sprint only in accordance with the Sprint-SoftBank Group Corp merger agreement.
Sprint does not intend to make any further comment on the work of the Special Committee until it completes an assessment with respect to whether the DISH proposal is, or is reasonably likely to lead to a Superior Offer (as defined in the Sprint-SoftBank Group Corp merger agreement) and the Sprint board has considered such assessment.
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.
Doug Duvall, 571-287-8153
Brad Hampton, 800-259-3755