Clearwire issues update on acquisition offers, says committee still recommends SprintAlex Wagner - Deputy Managing Editor, News Desk
Both Dish Network and Sprint are currently fighting for the attention of Clearwire, with the two companies making competing bids to acquire Clearwire and its spectrum. Today Clearwire issued a new statement that gives us an update on the situation, and while there is still no definite winner of Clearwire's heart, an evaluation committee is leaning toward one of the suitors. Clearwire reveals in its statement that part of Sprint's offer includes up to $800 million in additional financing, made up of $80 million chunks spread out over 10 months. However, because Dish said that it'd withdraw its bid if Clearwire took a payment from Sprint, Clearwire opted not to take February's $80 million draw.
Clearwire wrapped up its statement by saying that its Special Committee will continue to evaluate Dish's offer and keep talks going with both Dish and Sprint. For now, though, that committee is sticking with its recommendation that Clearwire go with the Sprint offer.
Sprint this morning issued its own statement in response to Clearwire's update, and unsurprisingly, Hesse and Co. are pretty pleased about the fact that Clearwire's committee is still recommending its offer. Sprint has offered to take over the remaining 50 percent of Clearwire that it doesn't already own for $2.97 per share. Dish swooped in unexpectedly last month with its own offer of $3.30 per share for Clearwire, likely looking to shore up its own spectrum with some of Clearwire's for its wireless network plans. It's not known when Clearwire will make a decision on whether it was to give its final rose to Dish or Sprint, but I'm sure that the folks at the Now Network are liking their odds at being the winner.