The board of directors of mobile broadband player Clearwire (UNKNOWN: CLWR.DL ) is backing Sprint Nextel's (NYSE: S ) increased offer to buy the half of Clearwire it does not already own for $3.40 per share, it announced today.
Clearwire's special committee has determined that the deal is the most favorable transaction and recommends shareholders vote in favor of the proposed transaction at a special meeting on May 31.
Clearwire has been at the heart of a bidding war between Sprint and DISH Network (NASDAQ: DISH ) . In December, Sprint offered $2.97 per share, which would have totaled $2.2 billion. A month later, DISH stepped up and put an unsolicited offer of $3.30 per share on the table. Sprint's latest offer was submitted just yesterday. Sprint says it is its "best and final offer."