Sprint Nextel said on Monday that its board had formed a special committee of independent directors to review Dish Network's $25.5 billion takeover bid for the No. 3 U.S. mobile provider.
Sprint (Overland Park, KS, USA) had said last week that it would evaluate the Dish (Meridian, CO, USA) offer, which challenges Sprint's October agreement to sell 70 percent of its shares to Japan's SoftBank Corp (Tokyo, Japan) for $20.1 billion.
The committee, which will be chaired by director Larry Glasscock, hired BofA Merrill Lynch as its financial adviser and Shearman & Sterling LLP a its legal counsel.
Other Sprint special committee members include James Hance, V. Janet Hill, William Nuti and Rodney O' Neal.
Sprint's shares were up a penny at $7.18 on the New York Stock Exchange in morning trading. Dish shares gained 53 cents, or about 1.2 percent, to $39.54 on Nasdaq.
(Reporting By Sinead Carew; Editing by Maureen Bavdek)