Sprint Nextel has received from SoftBank a waiver of various provisions of the merger agreement between Sprint and SoftBank.
The waiver will permit Sprint and its representatives to furnish non-public information concerning Sprint to DISH Network Corp. and to engage with DISH in discussions and negotiations regarding its proposal made on April 15, 2013. Prior to furnishing non-public information to DISH, Sprint will enter into a confidentiality agreement with DISH containing customary limitations on the use and disclosure of all non-public written and oral information furnished to DISH by or on behalf of Sprint.
Dish said it welcomed the waiver, which will allow full due diligence with Sprint. "We remain confident that this process will confirm the superiority of our proposal," Dish's Ergen said in a statement.
Sprint added that its board of birectors had not determined that the DISH proposal in fact constituted a superior offer under the existing merger agreement, and there could be no assurance that the DISH proposal would ultimately lead to a superior offer.
"The Sprint Board of Directors has not changed its recommendation with respect to, and continues to support, the company's pending transaction with SoftBank," Sprint said in a statement.
Sprint will continue to evaluate the DISH proposal and discuss the proposal with DISH and SoftBank.