Dish tops Sprint's bid for Clearwire2013-01-09 09:21 by DanielaTags: Dish, Sprint, Clearwire
Dish Network made a bid on Tuesday for Clearwire, the wireless network operator, a complicated offer that threatens the existing takeover deal by the company's majority owner, Sprint Nextel. Under the proposed deal, Dish Network would buy about 24% of Clearwire's spectrum assets for $2.2 billion ($3.30 per share), and Clearwire would build and manage a wireless network for Dish. Dish would also provide up to $800 million in additional financing to the struggling Clearwire. In December Sprint Nextel offered to buy the remaining 49% of the Bellevue, Wash., company for $2.90 per share. It later raised the offer to $2.97 per share, or $2.2 billion. Sprint said the Dish proposal was "illusory" and "not viable." "Sprint believes its agreement to acquire Clearwire, which offers Clearwire shareholders certain and attractive value, is superior to the highly conditional Dish proposal," Sprint said in a statement. Clearwire said its board will consider the Dish proposal, but noted that it "is only a preliminary indication of interest and is subject to numerous, material uncertainties and conditions." The proposal includes a request for "multiple contractual arrangements" that "may not be permitted under the terms of Clearwire's current legal and contractual obligations," Clearwire said. Read more -here-
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