Dish (DISH) responds to SoftBank's (SFTBF.PK) higher offer for Sprint (S) simply by stating it will review its options. Paulson & Co. (7%+ stake in Sprint) backs SoftBank's revised bid, which goes to a vote on June 25. The new offer increases the cash given to Sprint investors to $5.50/share from $4.02/share, raises SoftBank's offer price for investor shares to $7.65 from $7.30, and raises the price of SoftBank's $1.9B investment in Sprint to $6.25/share from $5.25/share. But it also gives SoftBank a 78% stake (up from 70%), and $3B of the extra $4.5B in investor cash is being diverted from Sprint. Clearwire (CLWR) remains a wild card for both sides.