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Clearwire Committee to Endorse Dish's Offer

Jun 12, 2013, 3:49 PM by Eric M. Zeman

The special committee formed by Clearwire tasked with evaluating Dish Network's tender offer is set to recommend that Clearwire accept Dish's offer, reports the Wall Street Journal. The committee believes Clearwire's full board should shun Sprint's offer of $3.40 per share in favor of Dish's offer of $4.40 per share, according to the sources "familiar with the matter." Until now, Clearwire's board has endorsed Sprint's offer for the company. Despite the committee's recommendation, Sprint still owns more than half of Clearwire. The committee is also recommending that Clearwire postpone a shareholder vote scheduled for Thursday, June 13 until later in the month. Sprint, however, believes Dish's offer is unactionable and illegal according to Delaware law. Neither Clearwire nor Sprint has commented on the matter. Dish and Sprint have been going back and forth over control for Clearwire since January.

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Tofuchong

Jun 12, 2013, 3:57 PM

Wow

Who would have thought that more money would turn the tables? I thought it was pretty obvious that this would happen, was just a matter of time. Will be very, very interesting to see how sprint reacts to this.

Versed

If Sprint's the majority shareholder, can't they just out and out vote it down? And in the worst case, keep majority ownership?

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