Sprint Questions Dish-Clearwire Bid
Sprint Nextel Corp. raised objections over Dish Network Corp.’s tender offer to acquire Clearwire Corp., saying the bid is “not actionable,” continuing the complicated drama over control of the mobile broadband provider that is majority-owned by Sprint.
In a letter to Clearwire’s board Monday, Sprint said Dish’s bid of $4.40 a share for Clearwire last week — made just before a planned shareholder vote on a buyout by Sprint — isn’t workable without Sprint’s approval. Sprint, which has had disagreements with network partner Clearwire, says that Dish is requesting certain governance rights from Clearwire that can’t be legally handed over without consent of Sprint and some other shareholders.
