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Clearwire board recommends Dish takeover bid
2013-06-13 08:39:00| Telecompaper Headlines
(Telecompaper) The independent members of US Wimax operator Clearwire's board have recommended shareholders accept a takeover offer from Dish Network, rather than the buy-out proposed by majority shareholder Sprint. Clearwire previously endorsed Sprint's offer, prompting Dish to raise its bid. Dish is offering USD 4.40 per share for Clearwire, while Sprint has bid USD 3.40. To give shareholders more time to consider, Clearwire is rescheduling the vote on the deals from 13 June to 24 June, and Dish has extended its offer until 2 July. The Dish offer is conditional on acquiring at least 25 percent of Clearwire shares. Dish said just over 245,000 Clearwire share had already been tendered in the offer. Sprint said it was reviewing the Clearwire statement and would continue to enforce its governance rights. Separately it filed an investor presentation with the SEC outlining its support for Softbank's takeover bid for Sprint. Dish still has until 18 June to make a final offer for Sprint.
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Category:Telecommunications