By Ben Fox Rubin
Clearwire Corp. (CLWR) said its special committee continues to
evaluate offers from both Sprint Nextel Corp. (S) and Dish Network
Corp. (DISH) to acquire the company, according to paperwork
Clearwire filed with the Securities and Exchange Commission on
Friday.
Sprint late last year agreed to buy the half of Clearwire it
doesn't already own in a $2.2 billion deal, but Dish soon after
made an unsolicited offer for the wireless broadband provider as
well.
While Sprint has criticized Dish's offer as "highly conditional"
and "illusory," Clearwire said its committee continues to evaluate
its next step.
"The special committee will, consistent with its fiduciary
duties and in consultation with its independent financial and legal
advisers, continue to evaluate the Dish proposal and engage in
discussions with each of Dish and Sprint, as appropriate,"
Clearwire said in a statement Friday. "The special committee has
not made any determination to change its recommendation of the
current Sprint transaction."
In connection to its Sprint agreement, Sprint agreed to provide
up to $800 million of additional financing to Clearwire in the form
of exchangeable notes. Sprint agreed to purchase, at Clearwire's
option, $80 million of exchangeable notes a month for up to 10
months.
However, Dish had said its offer would be withdrawn if Clearwire
were to draw on that financing. So, Clearwire didn't take the
initial draw and on Friday said it hasn't taken the February draw
either, in order to allow the special committee to continue its
evaluation of the Dish proposal.
In its own statement Friday, Sprint said Clearwire's filing
"speaks for itself."
"We are pleased the Clearwire board continues to recommend
approval of our transaction and look forward to closing our merger
and delivering even greater wireless service to the American
consumer," Sprint said.
A Dish representative wasn't immediately available for
comment.
Clearwire's shares were down 0.6% premarket at $3.16, while
Sprint's were inactive premarket at $5.63.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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