Following last week's revised offer of $5 a share from Sprint (NYSE: S ) for the approximately 50% of the outstanding stock of Clearwire (NASDAQ: CLWR ) it doesn't already own, DISH Network (NASDAQ: DISH ) yesterday announced it has formally withdrawn its bid for Clearwire.
According to DISH Network, its $4.40-a-share bid "provided that it could be withdrawn, among other reasons, as a result of the recent change in recommendation by Clearwire." Clearwire had recommended shareholders accept DISH's bid, but then changed to support Sprint's.
Sprint's revised bid for Clearwire, in addition to its 47% premium from the original offer of $3.40 a share on May 21, 2013, had also garnered voting commitments from an estimated 45% of Clearwire shareholders, according to Sprint.
-- Material from The Associated Press was used in this report.