Dish Network announces $25.5B bid for Sprint

(CNN) - There could be a bidding war for Sprint Nextel.

Dish Network announced today it has bid more than $25 billion to buy the cellphone company. The move is an attempt to derail an offer by Japanese tech company, Softbank. Last fall, Sprint agreed to sell a 70-percent stake to Softbank for $20 billion.

Sprint did not have an immediate comment on Dish's bid. Its stock shares shot up 13-percent in premarket trading today on the announcement.


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