Dish Network Corp, the No. 2 U.S. satellite television provider, offered to purchase Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could thwart the proposed acquisition of Sprint by Japan's SoftBank Corp.Sprint shares soared as much as 17.8 percent after the announcement to their highest level since August 2008 and slightly topped the value of the Dish bid.Dish's surprise bid on Monday is the latest twist in a wave of consolidation in the U.S. wireless industry. Dish had already made a counter-offer against Sprint for Clearwire Corp, the wireless company majority-owned by Sprint.It was also the boldest step yet by Dish Chairman Charlie Ergen, who has bought billions of dollars worth of wireless spectrum in the last few years and has been seeking some sort of deal to make use of the airwaves.
DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH fell by 5.93% or $-2.23/share to $35.40. In the past year, the shares have traded as low as $26.12 and as high as $38.44. On average, 2558490 shares of DISH exchange hands on a given day and today's volume is recorded at 7158742.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S traded higher by 13.18% or $0.82/share to $7.04. In the past year, the shares have traded as low as $2.30 and as high as $6.22. On average, 49449500 shares of S exchange hands on a given day and today's volume is recorded at 278723488.
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