Sprint Nextel has reportedly rejected an offer by a group that includes South Korea’s SK Telecom, Providence Equity Partners and former Sprint Nextel Corporation chairman Tim Donahue.

Sprint Nextel has reportedly rejected an offer by a group that includes South Korea’s SK Telecom, Providence Equity Partners and former Sprint Nextel Corporation chairman Tim Donahue. The group was to invest $5 billion in the US-based company. The offer was in the form of convertible preferred securities with the conversion price set at a 20 per cent premium to Sprint’s market value, which is about $43.2 billion.