Deals
Clearwire Endorses Sprint Bid While Staying Silent on Dish Offer
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Clearwire Corp.’s board recommended shareholders vote for a Sprint Nextel Corp. takeover bid at a meeting this month, even while saying it’s not ready to announce a decision on a counteroffer by Dish Network Corp.
In a letter to investors, Clearwire said it was endorsing the $2.97-a-share bid after rejecting an earlier Sprint offer of $2.60. After consulting with independent financial and legal advisers, the board’s special committee concluded that the current price is fair. Sprint, which already owns more than 50 percent of Clearwire, is seeking to buy the remaining stake in a $2.2 billion deal.