Dish Network Withdraws Clearwire Offer
June 26 2013 - 5:00PM
Dow Jones News
Dish Network Corp. (DISH) said it has withdrawn its offer for
Clearwire Corp. (CLWR), after a rival bid from Sprint Nextel Corp.
(S) won support from Clearwire shareholders.
Dish's bid of $4.40 a share was trumped by Sprint's offer last
week to buy the stake of Clearwire it doesn't already own for $5 a
share.
Sprint's higher bid won the backing of Clearwire's board and a
group of investors including some hedge funds that had complained
vocally that an earlier Sprint was too low.
Sprint shareholders on Tuesday approved selling control of
itself to Japan's SoftBank Corp. (9984.TO) in a roughly $21.6
billion deal.
Write to Kristin Jones at kristin.jones@dowjones.com
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