Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, January 9, 2014

Dish pulls bid for LightSquared as court battle begins, (NASDAQ: DISH)

Satellite TV provider Dish Network Corp has pulled its bid to purchase bankrupt wireless spectrum provider LightSquared Inc, a lawyer said in court on Thursday.Joshua Sussberg, a lawyer for an official committee appointed to oversee any potential LightSquared auction, opened a court hearing by confirming that Dish had pulled its bid. A source familiar with the transaction had told Reuters earlier in the day that Dish had withdrawn its bid.Shares of Dish, which is looking to enter the wireless market, fell 3 percent, as investors had considered a deal with LightSquared a good way for the company to expand its spectrum holdings.Dish had put in a bid of $2.2 billion for LightSquared, but its efforts were opposed by LightSquared lenders and the telecom firm's controlling shareholder, Harbinger Capital Partners.

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH fell by 3.59% or $-2.08/share to $55.88. In the past year, the shares have traded as low as $33.79 and as high as $58.55. On average, 2368940 shares of DISH exchange hands on a given day and today's volume is recorded at 2628879.