In a surprise move, satellite-TV operator Dish Network has made a $26 billion bid for Sprint, the U.S.'s third-largest wireless operator.
Sprint is already in the approval process to sell a majority stake to Japanese telecommunications firm Softbank.
Dish's bid is higher than Softbank's and may therefore trigger a bidding war between the two suitors.
Dish has offered about $7 a share for Sprint, with a mix of cash ($4.74 per share) and $2.26-worth of Dish stock. Dish's stock fell about 5% on the news, and the total value of the offer will continue to fluctuate based on Dish's stock price. Dish estimated that the initial offer was worth about 13% more than Softbank's offer.
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