Dish Network shares fell more than 3% in early trading Thursday after the satellite giant reportedly pulled its $2.2 billion bid for bankrupt wireless company LightSquared.
According to a Reuter’s report, a lawyer for an official committee appointed to oversee any potential LightSquared auction said Thursday in open court that Dish had withdrawn its bid. The Wall Street Journal first reported that Dish was considering dropping the bid Tuesday night.
Dish shares fell as much as $2.14 each (3.7%) to $55.82 per share in early trading Thursday. The stock rebounded slightly later in the day–it was priced at $56.01 per share, down 3.4% or $1.95 each as of 1:32 p.m.