Sprint raises Clearwire bid, wins key investor support

The fight for Clearwire is heating up as Sprint has increased its bid for the company in response of a recent increase by rival Dish Network, which also wants to buy the nationwide wireless broadband carrier. Sprint's offer represents a 47% premium of its previous offer of $3.40 per share announced on May 21, 2013, and values Clearwire at about $14 billion or $5 per share.

Clearwire now supports the latest offer, eight days after its board recommended Dish Network's $4.40 per share tender offer for the company over Sprint's earlier $3.40 per share offer.

"The Clearwire board and special committee have determined that the $5.00 per share transaction with Sprint represents the best path forward for the company and is in the best interest of our unaffiliated stockholders," said Erik Prusch, CEO of Clearwire, in a statement.

Shareholders are supposed to meet on June 24 for a special meeting. But the company said in a statement Thursday that the meeting is expected to take place, but will be adjourned with no business conducted. The company will reconvene the meeting on July 8 in Bellevue, Wash.

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