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Sprint and Clearwire reach new merger agreement despite acceptance of DISH deal

News by Andrew Kameka on Thursday June 20, 2013.

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Add another wrinkle to the never ending story that is Sprint's attempt to acquire the remaining shares of Clearwire. Despite Clearwire accepting a proposal from DISH earlier this week, the company has reached a new agreement to sell to Sprint.

Clearwire accepted a $4.40 per share offer from DISH Network that prompted Sprint to file suit to block the deal on allegations of impropriety and possibly illegal terms. Sprint has temporarily managed to out-maneuver DISH in the boardroom rather than the courtroom by submitting a $5 per share bid. The new offer price values Clearwire's total worth at $14 billion and is the largest offer made by Sprint since it first sought to take over the company for which it is already a majority shareholder.

Sprint issued the following statement after the offer was made public:

"Together with the voting commitments previously received from Comcast Corp., Intel Corp and Bright House Networks LLC, who collectively own approximately 13 percent of Clearwire's voting shares, and Clearwire's directors and officers, stockholders owning approximately 45 percent of the Clearwire voting shares not affiliated with Sprint, have now agreed to vote their shares in support of the transaction."

Sprint says it now expects to win approval of its acquisition of Clearwire; however, given recent events, it is unlikely that this will be the last heard of the Sprint-DISH-Clearwire saga. DISH has shown a willingness to aggressively pursue Clearwire, and the satellite TV provider vowed to focus its efforts on acquiring Clearwire after its offer for Sprint was rebuffed.

source: Sprint

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Andrew Kameka
Andrew is based in Miami, Florida.

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