November 30, 2007
Sprint says “no thanks” to $5 billion investment
Sprint said they would go it alone when they recently dissolved their Xohm partnership with Clearwire. Apparently they mean it.
Sprint Nextel Corp. rejected a $5 billion investment offer by South Korea’s SK Telecom Co. and buyout firm Providence Equity Partners Inc., according to a person familiar with the offer. (from Bloomberg)
$5 billion may have been enough to complete the new Xohm Wimax network ahead of schedule.
Comments on Sprint says “no thanks” to $5 billion investment »
I think there is a backstory as to WHY the deal was turned down. South Korea’s SK Telecom Co Ltd offer would have also required former chairman Tim Donahue be CEO. I bet Donahue left on less that stellar terms. So why would the board want him back if that is what was required to get the $5B?