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Dish Network bids on Sprint; Glitch grounds American Airlines; GM and Ford join forces; J.C. Penney borrows $850 million; Bank of America earnings disappoint

Tech: Dish Network bids on Sprint

Dish Network has offered $25.5 billion to buy Sprint Nextel, the nation’s third-largest wireless carrier, said Brian X. Chen and Mark Scott in The New York Times. The bid “is an effort to scuttle the planned takeover of Sprint Nextel” by SoftBank, a Japanese telecom firm that agreed in October to acquire a 70 percent stake in Nextel for $20 billion. The Colorado-based satellite TV provider’s cash-and-stock offer is worth about 13 percent more than Sprint’s recent stock price. Dish executives say the merger would offer customers “a convenient, fully integrated, nationwide bundle of in- and out-of-home video, broadband, and voice services.”

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