Sprint Gets Desperate to Hang on to Clearwire Deal

Satellite TVSprint 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
Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.