NEW YORK: Sprint Nextel Corp urged Clearwire Corp to reject Dish Network’s rival bid for the wireless service provider, saying that a deal under Dish’s terms would be illegal and violate Clearwire’s agreement with its shareholders.
Sprint, which made its case in a letter to Clearwire’s board on Monday, already owns a majority stake in Clearwire and is tussling with Dish to buy out minority shareholders. Satellite TV provider Dish offered US$4.40 per share for Clearwire on May 29, challenging Sprint’s revised bid of US$3.40 per share. The fight over Clearwire, which owns wireless airwaves that both suitors want, is part of a larger drama involving the fate of Sprint.
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