Cleawire Keeps Deal Talks Open With Both Sprint and Dish
Clearwire late Thursday said it is still considering acquisition offers from both Sprint Nextel and Dish Network.
In a proxy statement filed with the Securities and Exchange Commission, the Wi-Max provider said the special committee reviewing the deal has not made any determination to change its current recommendation of the Sprint transaction. But, Clearwire has not taken an $80 million February draw, part of an agreement in which Sprint will buy $80 million in exchangeable notes per month for up to 10 months.
The proxy goes on to outline, in a segment titled “Background of the Merger,” numerous attempts “to explore strategic alternatives in order to obtain additional financing” by Clearwire.
Sprint today issued a response stating the “filing speaks for itself,” while going on to note the numerous attempts Clearwire has made to boost finances.
“Clearwire’s proxy makes very clear that Sprint’s definitive agreement to acquire Clearwire provides both the best value for shareholders and stability amid an uncertain future. We continue to believe that the DISH proposal is illusory and conditioned on many things,” Sprint added.
Dish proposed an offer of $3.30 per share to acquire Clearwire, as opposed to Sprint’s existing offer of $2.97 per share. Dish’s proposal carried numerous stipulations such as creation of a commercial agreement regarding network build-out between the two companies and Dish inheriting spectrum from Clearwire, something Sprint, a majority holder in Clearwire, has said it would block.
Clearwire declined to comment on the proxy statement.
As of 9:30 a.m. CST, Clearwire’s stock was up nearly one percent.