DISH Network Corp. (NASDAQ:DISH) drops its bid for the acquisition of Clearwire Corporation


Boston, MA, 07/01/2013 (financialstrend) – DISH Network Corp. (NASDAQ:DISH) had recently dropped its bid for the acquisition of Clearwire Corporation, which had for long been at loggerheads with the other major competitor Sprint Nextel Corp. Having realized its defeat against the largest shareholder of Clearwire Corp. the company had decided to abandon the pursuit of this acquisition which marks the second major setback for DISH Network Corp. (NASDAQ:DISH) in its attempt to enter into the wireless communications market of the United States.

The last increase in bid price for the shares of Clearwire Corp was made by DISH Network Corp. (NASDAQ:DISH) on May 21, 2013 which was then fixed at $4.40 per share. However, the company could not withstand the battle when Sprint Nextel Corp had increased its bid further to $5.00 per share and thereby withdrew from the game.

Shares of DISH Network Corp. (NASDAQ:DISH) surged by 2.61 percent to close at $42.52 on Friday. The opening price for the stock was at $41.48 per share and thereafter fluctuated between $41.48 and $42.86 throughout the day. The 52 week low price of DISH Network Corp. (NASDAQ:DISH) is at $26.12 and 52 week high is readjusted to new value at $42.86 per share.

With around 454.67 million shares outstanding in the market, DISH Network Corp. (NASDAQ:DISH) presently has a market cap of $19.33 billion. The company had witnessed the trade on 6.07 million shares on Friday, which was huge compared to the average trading volume at 2.50 million shares per day. The institutional investors contribute to around 42 percent of the total capital of DISH Network Corp. (NASDAQ:DISH).

DISH Network Corp. (NASDAQ:DISH) is primarily engaged in providing pay television services across the United States and presently holds 13.967 million customers. The services provided by the company include wide range of local and national programming broadcasts of many national and high definition channels which are observed to be larger than the number of channels provided by other players in the market.