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Dish makes counter offer for Clearwire, competes against Sprint

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Wednesday, 09 January 2013

Dish makes counter offer for Clearwire, competes against Sprint


Last month Sprint made a $2.1 billion bid for the remaining shares for Clearwire. In a turn of events Dish Network has decided to make a counteroffer in an attempt to acquire Clearwire by bidding $3.30 per share, 11 percent more than Sprint. Many have speculated that Dish wasn’t serious with their 4G goals and were simply trying to drive the price up for competitors, but this move should change some of those opinions. This is the second big move recently by Dish with their AWS-4 spectrum approved back in November of last year. Sprint issued a statement about Dish Network's counter offer:

"Sprint believes its agreement to acquire Clearwire, which offers Clearwire shareholders certain and attractive value, is superior to the highly conditional DISH proposal.

“In contrast, the DISH proposal includes a series of interdependent commercial agreements, debt and equity purchases and spectrum sales, which together with the other conditions required by DISH to complete the transaction, makes the proposal not viable. In addition, the DISH proposal would require Sprint to voluntarily waive rights that it holds as a stockholder of Clearwire and that it possesses through various vendor and customer contracts that significantly predate Sprint’s proposed acquisition of the remainder of Clearwire. Sprint does not intend to waive any of its rights and looks forward to closing the transaction with Clearwire and helping consumers across the country realize the benefits of this combination."


 
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