Headlines overnight that DirecTV don’t plan to improve on the recently-rejected offer made to DISH bondholders. Failure to reach a deal shouldn’t impact TPG’s move to buyout AT&T’s stake in the DirecTV JV; press releases from the time note that “completion of this transaction is not contingent on DIRECTV’s acquisition of DISH”.

• Media reports that DirecTV, a JV between AT&T and TPG, will cancel the Dish Network acquisition by 22 Nov if Dish bondholders don’t approve a debt swap, which remains a precondition for the deal.
• The latest offer was put forward at end-Oct though the revised terms were rejected by DISH bondholders; reports note that no further improvements are planned by DirecTV.
• The TPG buyout will see AT&T net USD 7.6bn in cash over the coming years; the deal will likely see revisions to the allocation policy at the upcoming CMD on 03 Dec.