Dish Network’s revised bid of $4.40 per share...
Dish Network’s revised bid of $4.40 per share for at least 25 percent ownership of Clearwire is “not actionable,” Sprint Nextel CEO Dan Hesse said Monday in a letter to Clearwire’s board (http://bit.ly/10Tw3zU). Dish revised its offer last week, besting…
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its initial bid by 29 percent, and a buyout offer from Sprint by a dollar per share. The revised bid also prompted Clearwire to postpone a shareholder vote on Sprint’s offer until June 13 (CD June 3 p18). Sprint claims Dish is asking for “specific governance rights” that Clearwire can’t provide without the approval of Sprint and other shareholders who together own 80 percent of Clearwire; Sprint currently owns nearly 51 percent of the company, Hesse said. The rights Dish seeks include veto power over changes to Clearwire’s organizational documents if they negatively affect Dish -- something that “runs afoul of Delaware law,” Hesse said. “Having invested billions I am sure you understand why Sprint is not willing to give up rights that were fundamental to the investment it made.” A Clearwire spokeswoman said the company’s special committee is still reviewing Dish’s bid, and will not comment until that review is completed. Dish did not respond to a request for comment.