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Sprint increases bid for Clearwire
2013-05-21 15:25:00| Telecompaper Headlines
(Telecompaper) Sprint has increased its offer to buy the rest of Clearwire by 14 percent, saying this is its "best and final offer". It's now offering USD 3.40 per share for the around 50 percent of Clearwire it does not yet own, up from USD 2.97 per share in its initial offer announced last December. The sweetened bid tops a rival offer from Dish Network of USD 3.30 per share. While Clearwire's board had recommended the Sprint bid, a number of large investment companies that are minority shareholders in Clearwire have been lobbying for a higher offer. Clearwire's shares also have traded above the Dish offer price. Sprint said its new offer shows its "commitment to closing the Clearwire transaction and improving its competitive position". The company added that it's best placed to leverage Clearwire's 2.5 GHz spectrum assets and migrate the operator from Wimax to LTE. Comcast, Intel and Bright House Networks, which collectively own 26 percent of Clearwire, have already agreed to tender their shares to Sprint. Clearwire said its special committee will consider the new Sprint offer. It adjourned its shareholders meeting planned for 21 May and scheduled a new meeting for 30 May to discuss the offer.
Tags: bid
increases
sprint
clearwire
Category:Telecommunications
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