Thursday, November 29, 2007
Sprint Turns Down $5 Billion
Sprint Nextel Corp. has rejected a $5 billion investment by South Korea's SK Telecom Co. and buyout firm Providence Equity Partners Inc. that would have brought back former Chairman Tim Donahue to run the mobile-phone company, according to Bloomberg.
The investment group reportedly proposed buying Sprint securities that would later convert into equity for 20 percent to 30 percent more than the current stock price.
Sprint's board apparently didn't meet with Donahue or the investors before turning down the deal, nor does it appear SK Telecom and Providence were interested in a hostile takeover.
Labels:
Providence Equity Partners,
SK Telecom,
Sprint
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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