Cap-in-hand Clearwire takes another USD80m from Sprint

2 Apr 2013

Clearwire has indicated that it will take a second monthly payment from Sprint Nextel, as part of the latter’s USD2.97-per-share offer to buy the 50% of Clearwire that it does not already own. Rival suitor DISH Network, which has made a conditional USD3.30-per-share counterbid to Clearwire, previously indicated that it would withdraw its offer if Clearwire took the money but has opted not to comment since Clearwire took the first instalment last month. At that juncture Clearwire noted that the special board committee – consisting of ‘disinterested directors not appointed by Sprint’ –charged with evaluating the deal, had still changed its initial recommendation to accept Sprint’s bid.

United States, Clearwire, Sprint Corporation (now part of T-Mobile US)