Satellite TV operator, Dish Network Corp has said that it would not submit a revised bid for the Sprint Nextel Corp.

This would mean that the wireless carrier could not accept an offer from Japan's Softbank. Masayoshi Son, the Chief Executive Officer of SoftBank Corp had earlier said that rival bidder, Dish Network Corp would be a poor match for telecom major, Sprint Nextel Corp. SoftBank has been gathering support for its $20.1 billion bid for the company. Sprint, which is the third largest telecom service provider in the US, had agreed to the bid from SoftBank but Dish launched an alternative bid valued at $25.5 billion in the previous month.

Dish said that Sprint's decision to reduce Dish's due diligence process has made it impracticable for the company to submit a revised bid. Dish indicated that it will continue to focus on its attempts to acquire Clearwire.

"We will consider our options with respect to Sprint, and focus our efforts and resources on completing the Clearwire tender offer," Dish said.

Sprint has filed a lawsuit in the Delaware Court of Chancery on Monday claiming that the takeover deal valued at $6.3 billion violates the rights of Sprint and other Clearwire shareholders. It also claimed that the takeover deal is against Delaware law. Sprint has a 50.2 per cent stake in the wireless company and was looking to acquire the remaining stake for $2.2 billion or about $2.97 per share in December. Sprint would have emerged as the largest owner of wireless spectrum in the country. Dish has countered the bid with its own offer of $3.30 per share or $5.15 billion.