Clearwire Board Supports Sprint's Increased Offer

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."


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Related Tickers

12/31/1969 7:00 PM
CLWR.DL $0.00 Down +0.00 +0.00%
Clearwire Corp CAPS Rating: **
DISH $54.93 Up +0.58 +1.07%
DISH Network CAPS Rating: **
S $6.78 Up +0.05 +0.74%
Sprint CAPS Rating: **