Clearwire said in a proxy statement it still prefers Sprint Nextel’s buyout...
Clearwire said in a proxy statement it still prefers Sprint Nextel’s buyout offer, but has not yet ruled out a competing bid from Dish Networks. A special committee that is examining both offers on stockholders’ behalf will “continue to evaluate…
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the DISH Proposal and engage in discussions with each of DISH and Sprint, as appropriate,” but “has not made any determination to change its recommendation of the current Sprint transaction,” it said Friday. Sprint offered Clearwire shareholders $2.2 billion in December for the nearly 50 percent of shares the carrier did not already own, plus (CD Dec 18 p1). Dish made a competing bid in January for Clearwire’s spectrum and up to all of Clearwire’s non Sprint-owned shares for up to $5.15 billion (CD Jan 10 p1). Dish’s proposal “is only a preliminary indication of interest and is subject to numerous, material uncertainties and conditions, including the negotiation of multiple contractual arrangements being requested by Dish (some of which, as currently proposed, may not be permitted under the terms of Clearwire’s current legal and contractual obligations) as well as regulatory approvals,” Clearwire said (http://xrl.us/bod6da). Clearwire’s proxy “makes very clear that Sprint’s definitive agreement to acquire Clearwire provides both the best value for shareholders and stability amid an uncertain future,” Sprint said in a separate statement. “We continue to believe that the DISH proposal is illusory and conditioned on many things, including the receipt of governance rights, a spectrum sale and a commercial agreement which are not actionable under our merger agreement and other agreements between Clearwire and Sprint” (http://xrl.us/bod6de).