Clearwire Board Supports Sprint's Increased Offer
The board of directors of mobile broadband player Clearwire is backing Sprint Nextel's increased offer to buy the half of Clearwire it does not already own for $3.40 per share, it announced today.
Clearwire's special committee has determined that the deal is the most favorable transaction and recommends shareholders vote in favor of the proposed transaction at a special meeting on May 31.
Clearwire has been at the heart of a bidding war between Sprint and DISH Network . In December, Sprint offered $2.97 per share, which would have totaled $2.2 billion. A month later, DISH stepped up and put an unsolicited offer of $3.30 per share on the table. Sprint's latest offer was submitted just yesterday. Sprint says it is its "best and final offer."
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