Sprint Is Said to Reject Offer by Investors and SK Telecom

SPRINT IS SAID TO REJECT OFFER BY INVESTORS AND SK TELECOM
[SOURCE: New York Times, AUTHOR: Laura Holson and Andrew Ross Sorkin]
Sprint Nextel has rejected an offer from Providence Equity Partners and SK Telecom of South Korea to replace management and invest $5 billion in the company. Providence and SK Telecom, along with Timothy M. Donahue, the company’s former executive chairman, sent a three-page letter to James H. Hance Jr., nonexecutive chairman of Sprint’s board, asking to meet to discuss an offer that would install Mr. Donahue as the new chief executive. In the letter on Nov. 10, the two companies wrote that they would address the "key operating challenges facing” Sprint and significantly cut costs by jointly purchasing handsets and examining network infrastructure. The board declined to meet with them.
http://www.nytimes.com/2007/11/30/business/30sprint.html?ref=todayspaper
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