Sprint Nextel (NYSE: S) today announced the Board of Directors has formed a Special Committee of independent directors to review and carefully evaluate the proposal received from DISH with its financial and legal advisors. 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 Corp.). Neither the Board nor Sprint intends to comment further at this time.
The Special Committee consists of Larry C. Glasscock, James H. Hance, Jr., V. Janet Hill, William R. Nuti, and Rodney O’Neal. Mr. 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 LLP as its legal counsel.
Sprint advises shareholders that they need not take any action at this time in response to DISH’s proposal pending review by Sprint’s Special Committee.
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