Scott Sloat News
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Sprint Nextel Corp.’s takeover bid for Clearwire Corp., slated for an investor vote on May 21, received mixed reactions from the two biggest shareholder- advisory firms, with Institutional Shareholder Services Inc. endorsing the deal and Glass, Lewis & Co. opposing it.
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Dish Network Corp. lined up Jefferies Group LLC to help it finance its $25.5 billion bid for Sprint Nextel Corp. as it tries to convince the company its offer is better than SoftBank Corp.’s, people with knowledge of the matter said.
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SoftBank Corp., defending its takeover bid for Sprint Nextel Corp. against a counteroffer from Dish Network Corp., told investors that its deal will bring about $3 billion in annual operating savings by 2017.
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Sprint Nextel Corp., weighing a $25.5 billion bid from Dish Network Corp., is holding off on granting its suitor access to its books because of questions over funding and cost savings, said people familiar with the matter.
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Mount Kellett Capital Management LP said it forged an alliance with other Clearwire Corp. investors to coax Sprint Nextel Corp. into making a better takeover offer for the struggling wireless Internet company.
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Sprint Nextel Corp. said it tentatively set June 12 as the date for a shareholder vote on SoftBank Corp.’s takeover offer.
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Sprint Nextel Corp. bondholders are at odds with shareholders from Leon Cooperman to John Paulson who’ve praised a takeover bid from Dish Network Corp. that may amplify the largest junk issuer’s debt load by 31 percent.
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Dish Network Corp., which is said to be interested in a T-Mobile USA Inc. merger, is in a position to usher in the next wave of wireless-industry consolidation while assuring regulators that competition will be preserved.
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Dish Network Corp. Chairman Charlie Ergen informally approached Deutsche Telekom AG about a possible merger with the German company’s T-Mobile USA Inc. unit, a deal that would let him bundle wireless service with his satellite-TV offerings, according to people close to the situation.
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Clearwire Corp. investor Crest Financial Ltd. offered to provide the wireless Internet company with $240 million in financing as an alternative to taking money from potential acquirer Sprint Nextel Corp.
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