Dish Network abandoned its effort to acquire Sprint Nextel, making way for bidding rival SoftBank to gain control of the third-biggest U.S wireless carrier.
Dish, in a regulatory statement Friday, didn’t specify why it was pulling out of the bidding. The Englewood, Colo.-based company said it would redeem $2.6 billion of bonds that it had issued in May in connection with its bid.
Sprint rejected Dish’s offer earlier this month in favor of a sweetened SoftBank bid, worth $21.6 billion. Dish let a June 18 deadline expire to make a new proposal for Sprint, saying it would focus on a separate offer for Clearwire Corp.