Clearwire Board Reverses Course, Recommends DISH Offer

By Dan Radovsky – Jun 13, 2013 at 2:07PM

NYSE: S

Sprint

Clearwire's board of directors changed directions and now supports DISH's offer.

Clearwire's (NASDAQ: CLWR) board of director's has unanimously recommended stockholders accept DISH Network's (DISH) tender offer of $4.40 a share for all outstanding Clearwire shares, the company announced yesterday.

Clearwire's board also unanimously recommended stockholders vote against the previously recommended $3.40-a-share offer from Sprint Nextel (S).

The special stockholders' meeting to vote on Sprint's proposal scheduled for today has been rescheduled for Monday, June 24. The DISH offer is subject to various conditions, including the tender of more than 25% of Clearwire's voting stock. DISH's offer is good until midnight July 2.

Sprint said late Wednesday that it will review Clearwire's statement and any subsequent filings with regulators before determining its next steps.

-- Material from The Associated Press was used in this report.

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