Dish Makes $25.5 Billion Bid for Sprint (Update 1)

NEW YORK -- Dish Network ( DISH) is proposing to merge with Sprint Nextel ( S) in a $25.5 billion deal.

Sprint, the No. 3 U.S. wireless carrier, had agreed to be acquired by Softbank Corp. of Japan.

Dish is offering to pay $7 a share for Sprint -- $4.76 in cash and about $2.24 in Dish stock.

Sprint shares were up more than 10% in premarket trading on Monday.

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