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Sprint rejects deal, return of ex-CEO

November 30, 2007|From Times Wire Services

Sprint Nextel Corp., seeking a new chief executive, turned down a $5-billion investment proposal that would have brought back the company's former chairman as CEO, the Wall Street Journal reported.

The offer came from South Korea's SK Telecom Co. and Providence Equity Partners, a private equity firm, according to the Journal, which cited anonymous people familiar with the matter.

Sprint rejected the offer without meeting with former Chairman Tim Donahue or the investors, the newspaper said.

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