Satellite TV provider DirecTV announced Tuesday that it will withdraw from its proposed acquisition of Echostar's satellite television business, including Dish TV, by Nov. 22 if bondholders don't consent to a debt exchange.
On Monday, Dish bondholders rejected DirecTV's revised offer, which reduced the minimum loss on $8.9 billion of bonds by $70 million to $1.5 billion. As part of this offer, the acceptance deadline was extended to Tuesday, 5 p.m. ET.
