Sprint Nextel Corp. rejects SK offer
The proposal of $5 billion investment towards Sprint securities by the South Korean company SK Telecom Co. was rejected by Sprint. The company said that they were not ready for the deal and they rejected the deal without getting into any conversation over the deal.
The company based in Reston is in search of a new CEO after the resignation from Gary Forsee in October. The offer would have brought the chairman of company Tim Donahue to run the Telecom Co.
The offer letter was made by Tim Donahue and a investment group before Nov 22 and it was to buy Sprint stocks that might increase to be 20-30 % more than the current stock prices.
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