Intel Corp Chief Executive Paul Otellini said in a letter to the Federal Communications Commission that he supports SoftBank's bid for Sprint Nextel Corp, rather than Dish Network's counter offer. Sprint, the No. 3 U.S. wireless service provider, is considering a $25.5 billion bid from Dish but has also said it is on track to close its $20.1 billion pact with SoftBank by July 1.In his letter addressed to the FCC Chairman Julius Genachowski that was made available to Reuters, Otellini said he is travelling in Asia, has met with SoftBank Chief Masayoshi Son and that Son's vision to build a high-speed competitive third national network "is very compelling"."We need this competition in the wireless space as the ATT /Verizon model is not giving that to consumers at this time," Otellini said.Otellini did not elaborate further as to why he favors SoftBank's bid for Sprint.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S remained unchanged at $7.12. In the past year, the shares have traded as low as $2.32 and as high as $7.35. On average, 48841400 shares of S exchange hands on a given day and today's volume is recorded at 30245918.
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