Clearwire puts off shareholder vote to consider Dish's fatter bid

The company's shareholders are now set to vote on June 13

The tug-of-war over Clearwire looks set to continue for at least another two weeks as the struggling mobile operator postponed a special shareholder meeting once again to consider Dish Network's latest bid.

On Wednesday, Dish boosted its bid for Clearwire to US$4.40 per share, far above the current $3.40 offer from Sprint Nextel, which already owns about half the company. A special committee of Clearwire's board said Thursday it will consider Dish's bid, pushing back a meeting that had been set for Friday to vote on Sprint's proposed takeover. That meeting is now set for June 13.

Sprint's effort to complete its ownership of Clearwire, which supplies Sprint's WiMax network and is part of the carrier's LTE plans, has turned into a bidding war with Dish. Some minority shareholders of Clearwire have complained that Sprint's offers undervalued the company, which holds licenses to large amounts of radio spectrum around the country.

Dish, a satellite TV and broadband provider, is eyeing Clearwire as a way to get into the mobile business. In a statement released late Thursday, the company applauded Clearwire's announcement.

Clearwire's special committee will file a statement with the U.S. Securities and Exchange Commission by June 12 saying whether it recommends that shareholders accept or reject Dish's offer. The committee could also take a neutral position or say it was unable to take a position on the offer.

Clearwire also said that for June, it would forego a monthly transaction in which it can draw $80 million in financing from Sprint. As part of its latest offer, Dish asked Clearwire to end the monthly financing draws from Sprint and said it would provide an equal amount through its an arrangement of its own.

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!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags mobileMergers and acquisitionsbusiness issuestelecommunicationClearwiresprint nextelCarriersDISH Network

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

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?