Sprint Nextel sued Dish Network and Clearwire Monday...
Sprint Nextel sued Dish Network and Clearwire Monday to block Dish’s offer to buy at least 25 percent of Clearwire at $4.40 per share. The lawsuit, filed in the Delaware Court of Chancery, claims Dish’s tender offer “violates the rights…
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on Sprint and other Clearwire stockholders under Clearwire’s governing documents and Delaware law” (http://bit.ly/19epPQC). Sprint’s actions came after Clearwire’s board ditched Sprint’s own offer to buy full control of Clearwire at $3.40 per share in favor of Dish’s offer (CD June 14 p8). Sprint claimed that Dish had “repeatedly attempted to fool Clearwire’s shareholders into believing its proposal was actionable in an effort to acquire Clearwire’s spectrum and to obstruct Sprint’s transaction with Clearwire.” Dish’s offer could not be accepted without at least 75 percent of Clearwire’s outstanding voting securities and Comcast’s approval, Sprint said. The suit is a “transparent attempt to divert attention from its failure to deal fairly with Clearwire’s shareholders, as well as to exploit its majority position to block Clearwire’s shareholders from receiving a fair price for their shares,” Dish said Tuesday in a statement.