Sprint hikes bid for Clearwire to counter Dish's offer

Sprint is now offering $3.40 per share to buy out the half of Clearwire it doesn't already own

Sprint Nextel has increased its offer to buy out Clearwire, bidding US$3.40 per share, to counter a competing offer by Dish Network.

The new bid marks a significant boost from its earlier offer of $2.97 per share and beats Dish's $3.30 bid. Clearwire shareholders had been scheduled to vote on Sprint's offer at a special meeting Tuesday, but that meeting has now been postponed until May 30.

Sprint already owns roughly half of Clearwire, which has been its partner for 4G WiMax service since 2008. After Softbank agreed to invest $20 billion in Sprint and take a 70 percent share in the company, Sprint moved to complete its ownership. It plans to use Clearwire's spectrum to beef up its new LTE network.

But Dish, a satellite TV and broadband provider, has made offers for both Sprint and Clearwire in an attempt to get into the relatively fast-growing mobile business. On Monday, Sprint announced it had received permission from Softbank to negotiate with Dish on its $25.5 billion offer, though Sprint said it still favored the Softbank deal.

Clearwire's board of directors agreed to Sprint's offer in December, but some minority shareholders in Clearwire had vowed to reject the deal, saying it undervalued the company and its significant spectrum holdings. Sprint had already increased its offer once, in December, from $2.90 per share to $2.97.

Stephen Lawson covers mobile, storage and networking technologies for The IDG News Service. Follow Stephen on Twitter at @sdlawsonmedia. Stephen's e-mail address is stephen_lawson@idg.com

Join the PC World newsletter!

Error: Please check your email address.

Tags business issuesDISH NetworkCarrierstelecommunicationsprint nextelClearwiremobileSoftbankMergers and acquisitions

Struggling for Christmas presents this year? Check out our Christmas Gift Guide for some top tech suggestions and more.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Stephen Lawson

IDG News Service

Most Popular Reviews

Follow Us

Best Deals on GoodGearGuide

Shopping.com

Latest News Articles

Resources

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Latest Jobs

Shopping.com

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?