updated 04:48 pm EDT, Thu June 20, 2013
New bid eclipses Dish offer, shareholder date shifted
In response to Dish Network's latest $4.40 per share bid for Clearwire, Sprint Nextel grew its offer for the company to $5 per share. The move was immediately responded to by Clearwire changing its recommendation in favor of the newest offer, and signaled a shareholder vote for July 8, versus the old date of June 24.
Sprint, the majority shareholder of the company, drew criticism from other shareholders for its initial offer, which was decried as too low even before Dish's counteroffer. SoftBank is said to be hoping to build upon Sprint's current spectrum position, with a view to acquiring more spectrum and acquiring smaller carriers at a later time.
A statement from the carrier received by Reuters reads that the board of Sprint "looks forward to receiving the FCC and shareholder approvals which will allow us to close in early July and begin the hard work of building the new Sprint into a meaningful third competitor in the US market." As part of this, Sprint will be able to save in equipment purchases through SoftBank, along with the network expertise.