Overland Park, Kan. — Sprint Nextel announced this morning that its board has formed a special committee of independent directors to review and evaluate the proposal received from Dish Network with its financial and legal advisors.
Dish proposed a $25.5 billion merger with Sprint Nextel on April 15, exceeding the bid by Japan’s SoftBank to buy the cellular carrier.
The special committee plans to evaluate the proposal and additional information that the committee has requested from Dish, and provide its assessment to the full board in due course whether the proposal is, or is reasonably likely to lead to, a superior offer (as defined in the Agreement and Plan of Merger with SoftBank), according to a statement from the carrier.
Neither the board nor Sprint intend to comment further at this time, the company said in today’s statement.
The special committee consists of Larry C. Glasscock, James H. Hance, Jr., V. Janet Hill, William R. Nuti, and Rodney O’Neal. Glasscock will serve as chairman of the special committee.
The special committee has retained BofA Merrill Lynch to act as its financial advisor, and Shearman & Sterling as its legal counsel.
Sprint advised shareholders that they need not take any action at this time in response to Dish’s proposal pending review by Sprint’s special committee.