Deals
Clearwire Board Endorses Sprint’s Sweetened Bid
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Clearwire Corp.’s board recommended Sprint Nextel Corp.’s new takeover bid of $3.40 a share, or about $2.5 billion, saying it’s the best offer available to the struggling wireless-service provider.
The increased price, which Sprint boosted from $2.97 a share yesterday, tops a $3.30 bid from Dish Network Corp. After the terms were changed, Clearwire rescheduled yesterday’s meeting for investors to vote on the deal until May 31. The new offer values all of Clearwire, including debt and Sprint’s current equity in the business, at $10.7 billion.