Clearwire's board and key shareholders are backing a revised offer from Sprint, which is proposing to pay $5 per share for the remaining shares in Clearwire, a 14 percent premium over Dish Network's offer, Bloomberg is reporting.
Softbank, Sprint and Dish Networks are locked in a battle royal over ownership of the third largest U.S. wireless carrier and its affiliate, Clearwire.
Satellite TV provider Dish Networks said it would not submit a revised offer for Sprint by the June 18 deadline set by Sprint's board.
With the Sprint shareholder vote on Softbank's takeover offer set for June 25, Dish Network is taking its fight to the Federal Communications Commission, the last remaining U.S. federal agency reviewing the transaction, Bloomberg is reporting.
The board of U.S. wireless provider Clearwire, along with proxy advisory firm Institutional Shareholders Services, recommended this week that Clearwire shareholders reject the offer of majority shareholder Sprint to acquire the rest of the company for $3.40 per share, Reuters reported.
Japan's Softbank has increased its offer for Sprint to $7.48 per share, or a total of $21.6 billion. The third largest U.S. wireless carrier cut off negotiations with rival suitor Dish Networks on Monday, the Wall Street Journal reported.
U.S. wireless carrier Clearwire has decided to postpone a shareholder vote on majority shareholder Sprint's offer to buy the remaining shares of the company in response to a more attractive offer from rival suitor Dish Networks, Reuters reports.
Does the acquisition of the third largest wireless carrier in the U.S. by a foreign company pose a security risk to the U.S. telecom infrastructure? Yes, say two senior U.S. lawmakers.
Senators Charles Schumer (D-N.Y.) and John McCain (R-Ariz.) sent separate letters to U.S. federal agencies reviewing Japanese wireless carrier Softbank's acquisition of U.S. carrier Sprint, advising them to consider the security risks of the proposed acquisition.
In apparent response to pressure from Clearwire's minority shareholders, majority shareholder Sprint has bumped up its offer for the rest of Clearwire to $3.40 per share from a previous $2.97 per share, an offer that would value the wireless provider at $10.7 billion.