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EchoStar revises Hughes bid
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August 24, 2001: 7:50 a.m. ET
EchoStar CEO formally offers GM alternatives to $29 billion stock bid for Hughes
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NEW YORK (CNNfn) - EchoStar Communications has formally submitted to General Motors alternatives to its uninvited $29 billion all-stock offer for the automaker's Hughes Electronics satellite business, according to a published report Friday.
Charles Egan, CEO of satellite television provider EchoStar (DISH: Research, Estimates) , made the announcement Thursday saying he told GM (GM: Research, Estimates) he has a "high degree of flexibility in structuring the deal," USA Today reported.
EchoStar has been battling Rupert Murdoch's News Corp. (NWS: Research, Estimates) for Hughes, which operates DirecTV the No. 1 satellite television provider.
The news comes a day after DirecTV said it plans to trim staff in wake of its pending merger with either EchoStar or News Corp.
Ergan wouldn't say Thursday how much cash he's included in his alternative offers, but GM wants about $8 billion, the paper reported.
"They want to be sure that we can financially put the companies together and still have enough capital to run them and maximize value," Ergan said.
But GM, which is deep into talks with News Corp., has not yet allowed Ergen to begin the formal due diligence process, according to the report.
EchoStar shares ended down 22 cents at $27.72 Thursday. News Corp.'s American Depositary Receipts finished down 68 cents at $35.12. 
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