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 newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuesDISH NetworktelecommunicationCarrierssprint nextelmobileClearwireMergers and acquisitionsSoftbank

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

Stephen Lawson

IDG News Service
Show Comments

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?