No response for Clearwire Corporation (NASDAQ:CLWR) on Dish bid

Boston, MA 06/28/2013 (wallstreetpr) – Clearwire Corporation (NASDAQ:CLWR) is closed at $4.99 after heading 2.06% (or $0.11) towards south. The stock hit its day’s high at $4.99 and day’s low at $4.98. The market capitalization of the company is $3.49 billion.

DISH Acquisition Holding Corporation, the wholly-owned subsidiary of DISH Network Corporation, is turning its back on the tender offer it made, of acquiring all the outstanding shares of Class A common stock of the company, Clearwire Corporation, involving any shares of Class A Common Stock issued to Class B Common Stock’s outstanding shares, for $4.40 per share. The Board of Clearwire Corporation has recommended Sprint Nextel Corporation offer which has resulted in the tender offer of DISH Network Corporation to be withdrawn.

In order to top the proposal of DISH Network Corporation, Sprint Nextel Corporation has now raised its bid to $5 per share and ends its war with Clearwire Corporation, the satellite provider. The Board of Clearwire is pleased by this sweetened bid and has also gained the support of vocal critic investors. These investors initially disapproved the proposal by saying that it undervalued the spectrum asset of the Bellevue carrier.

In addition to sweetening the bid, the Sprint Nextel Corporation has also made Clearwire Corporation to agree to some of the governance rules that were goaled to block bids of the rival companies for the regional telecom operator.

The vote of the shareholders that was to be taken on 24th June is now rescheduled for 8th July. The investors of the SoftBank were very pleased to know that the company, Clearwire, finally seems happy with the offer of Sprint Nextel and that the national carrier is in progress to attain most valued wireless airwaves.

The company is involved in providing the fourth generation wireless broadband services. It operates and builds mobile broadband networks which give high speed mobile internet and residential internet services throughout the country.

About the Author

Pushpa Naresh has done MBA (Finance) and an avid market tracker. She is a technical analyst who closely tracks US markets along with other global markets like India. She has been expressing her views about markets and also advises various clients.

Leave A Response