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.
