logo
  Join        Login             Stock Quote

Clearwire (CLWR) Continues To Review Dish Offer, Recommends Sprint Deal

 February 01, 2013 07:39 AM
 


(By Mani) Clearwire Corp. (NASDAQ: CLWR) said it continues to review the offer from Dish Network Corp. (NASDAQ: DISH), yet it is still recommending the current deal with Sprint Nextel Corp. (NYSE: S).

The statement from Clearwire suggests that it would be tough for Dish to win over the Clearwire board over its $3.30 per share proposal. Meanwhile, Clearwire said Dish's unsolicited offer is only a "preliminary indication of interest", and that its board will "engage DISH to discuss and evaluate the proposal."

"We continue to believe that the DISH proposal is illusory and conditioned on many things, including the receipt of governance rights, a spectrum sale and a commercial agreement which are not actionable under our merger agreement and other agreements between Clearwire and Sprint," Sprint said in a statement.

After a rigorous and extensive two-year process, Clearwire pursued numerous strategic opportunities, including discussing the sale of spectrum with no fewer than 10 parties and a series of ongoing conversations with Dish that date back to 2010.

Sprint, which already has a 50.8 stake in Clearwire, agreed in mid-December to buy the remaining 49.2 percent stake in Clearwire for $2.97 per share or a total of $2.2 billion.

Sprint said Clearwire's proxy makes very clear that Sprint's definitive agreement to acquire Clearwire provides both the best value for shareholders and stability amid an uncertain future.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageShould You Invest In The Hottest New Trend In Finance?

Thanks to major changes in regulation, social media and technology, the business of banking has undergone read on...

article imageStrong Attractor in Action Pulling S&P 500 Down

The attractor is formed by the 200-day moving average and the 50% Fibonacci retracement of the up move from read on...

article imageIs The Weak Housing Market A Warning Sign For The US Economy?

Today’s US economic releases – housing starts and business survey data for the manufacturing sector – read on...

article imageShort-term Pullback or Something Worse?

A few weeks ago when we called for a short-term pullback of 4 to 5%, it was due solely to the short-term read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.