Clearwire’s board reversed course again Thursday, declaring its...
Clearwire’s board reversed course again Thursday, declaring its preference for a full Sprint Nextel buyout over Dish Network counteroffer after Sprint raised its offer to buy the minority portion of the company it doesn’t already own for $5 a share.…
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Sprint’s revised bid “represents the best path forward for the company and is in the best interest of our unaffiliated stockholders,” Clearwire CEO Erik Prusch said in a statement (http://bit.ly/17qm2Cx). Sprint’s revised bid is 60 cents higher per share than Dish’s $4.40 per share bid, which Clearwire’s board recommended to its shareholders last week. Sprint’s previous high bid was $3.40 per share (CD June 14 p8). Clearwire’s board moved a stockholder vote scheduled for Monday to July 8. Dish’s tender offer currently remains valid until July 2. Sprint’s revised bid won over at least four stockholders that had previously opposed its buyout plans -- Mount Kellett Capital Management, Glenview Capital Management, Chesapeake Partners Management and Highside Capital Management. Sprint said the four investors plan to sell their stock, which totals 9 percent of Clearwire, to Sprint whether or not a vote to accept Sprint’s bid passes. Dish did not immediately respond to a request for comment.