Clearwire Delays Sprint Vote to Discuss Dish Offer

Posted by at 10:41 am on May 31, 2013

Clearwire will not hold its planned shareholder vote today, which was to decide if the company would accept Sprint’s proposed acquisition offer.

The vote has already been rescheduled once. Sprint recently raised its bid for Clearwire from $2.97 per share to $3.40 pre share, an offer it called its “last and best” bid for the portion of the company that it does not already own. Dish Networks, however, raised its own bid for Clearwire this week to $4.40, representing a significant premium over Sprint’s offer. Clearwire’s board will evaluate Dish Neworks’ proposal over the course of the next two weeks, but it has not yet changed its mind from recommending the Sprint deal.

The vote has been rescheduled for June 13. Clearwire also said that it would not use the June $80 million draw per its financing agreement with Sprint, and will pay an interest payment due June 1 of $255 million.

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