Sprint Gets Desperate to Hang on to Clearwire Deal
Sprint Nextel Corp.'s (NYSE: S) desperation to hang on to its deal to buy Clearwire Corp. (NASDAQ: CLWR) as it competes against Dish Network Corp. (NASDAQ: DISH) for the prize was showing. The Clearwire deal is part of a larger plan to accumulate spectrum, which is a foundation of the effort by Softbank to take over the number three U.S. wireless provider.
Reuters reported on Sprint's latest efforts:
Sprint Nextel Corp urged Clearwire Corp to reject Dish Network's rival bid for the wireless service provider, saying that a deal under Dish's terms would be illegal and violate Clearwire's agreement with its shareholders.
Sprint, which made its case in a letter to Clearwire's board on Monday, already owns a majority stake in Clearwire and is tussling with Dish to buy out minority shareholders.
Satellite TV provider Dish offered $4.40 per share for Clearwire on May 29, challenging Sprint's revised bid of $3.40 per share. The fight over Clearwire, which owns wireless airwaves that both suitors want, is part of a larger drama involving the fate of Sprint.
Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions, Wireless Tagged: CLWR, DISH, S