Dish Network's Charlie Ergen made a $2 billion bid for bankrupt wireless provider LightSquared, according to multiple reports, a move that could pit Ergen against fellow billionaire and LightSquared financier Philip Falcone.
Dish Network has lined up the financing it needs to make its $25.5 billion bid for Sprint Nextel, according to multiple reports, which could ratchet up pressure on both Sprint and SoftBank, which is seeking to acquire 70 parent of Sprint for $20.1 billion.
Dish Network Chairman Charlie Ergen said that the company has multiple backup options for its wireless plans if its $25.5 billion bid for Sprint Nextel does not succeed against SoftBank's $20.1 billion proposal to buy 70 percent of Sprint.
Dish Network continued to hammer back against SoftBank, claiming that its unsolicited $25.5 billion offer for Sprint Nextel is clearly superior to the Japanese operator's $20.1 billion offer for 70 percent of Sprint.
Dish Network Chairman Charlie Ergen hit back against SoftBank CEO Masayoshi Son, and asserted that Dish's $25.5 billion bid to take control of Sprint Nextel would be better for the United States.
SoftBank CEO Masayoshi Son said his company would not raise its $20.1 billion offer for 70 percent of Sprint Nextel to compete with Dish Network's unsolicited $25.5 billion counterbid because SoftBank's offer is already superior.
Dish Network's surprise $25.5 billion bid for Sprint Nextel may spark a bidding war between Dish and Japan's SoftBank over the United States' third-largest wireless carrier, according to comments from shareholders and investment analysts. Further, the situation likely won't get straightened out anytime soon, given the difficulty of comparing the two complex transactions.
There is finally an answer to what Charlie Ergen and Dish Network intend to do with the company's $10 billion cash pile: buy Sprint Nextel. Dish has made an offer worth $25.5 billion to buy 68 percent of Sprint, countering Japanese operator Softbank's $20.1 billion deal to buy 70 percent of Sprint.
Dish Network now has a record $10 billion in cash in hand, about as much as oil and gas giant Exxon Mobil, according to Bloomberg , and no one in the industry really seems to know what Dish Chairman Charlie Ergen plans to do with all the money.
Bankrupt LightSquared and a hedge fund connected to Dish Network Chairman Charlie Ergen could be headed for a showdown in bankruptcy court as the hedge fund has been buying up LightSquared debt, according to a Wall Street Journal report.