Dish Network Withdraws Offer for Clearwire
In a statement released moments ago, Dish said it is withdrawing its $4.40 per share bid for Clearwire “as a result of the recent change in recommendation by Clearwire.” That recommendation: A decision by Clearwire’s board of directors to withdraw support for Dish’s bid and endorse a competing $5-per-share offer from Sprint.
Dish’s move to withdraw its bid clears the way for Sprint to buy the roughly 50 percent of Clearwire that it doesn’t already own, assuming Clearwire shareholders vote in favor of such a move on July 8.
And what’s next for Dish and Charlie Ergen? Hard to say, though some speculate he’ll take a run at No. 4 wireless carrier T-Mobile USA.
Here’s the release:
DISH Network Announces Withdrawal of Clearwire Tender Offer
ENGLEWOOD, Colo.– DISH Network Corporation (NASDAQ: DISH) today announced that its wholly-owned subsidiary, DISH Acquisition Holding Corporation, is withdrawing its tender offer to acquire all of the outstanding shares of Class A Common Stock of Clearwire Corporation (“Clearwire”), including any shares of Class A Common Stock issued in respect of outstanding shares of Class B Common Stock, for $4.40 per share. DISH’s tender offer provided that it could be withdrawn, among other reasons, as a result of the recent change in recommendation by Clearwire.