SoftBank cleared for Sprint takeover as Dish abandons bid

Efforts to acquire Sprint have been a long and arduous fiasco for SoftBank, but the Japan-based carrier moved one step closer to completing the deal on Tuesday evening. Following SoftBank’s revised offer for Sprint that would see its bid increased to $21.6 billion, Dish announced that it is abandoning the race and will not revise its current offer, which is not expected to be accepted. Dish had previously offered a total of $25.5 billion for Sprint, including $17.3 billion in cash and $8.2 billion in stock, but the SoftBank deal is seen as the more promising option. According to Reuters, Dish said it declined to revise its offer because it did not want to match the break-up fees offered in the SoftBank proposal.

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“We look forward to receiving the FCC (Federal Communications Commission) and shareholder approvals which will allow us to close in early July and begin the hard work of building the new Sprint into a meaningful 3rd competitor in the US market,” SoftBank said in a statement following the news that Dish would not be revising its bid.

This article was originally published on BGR.com