In a letter to its shareholders Monday, Clearwire said Sprint’s offer to buy the remaining half of the company it doesn’t already own represents “fair, attractive and certain value.”
Shareholders, who will vote on the proposal on May 21, saw no mention of DISH Network in the letter, despite the satellite provider’s offer of $3.30 per share for all of Clearwire, which is higher than Sprint’s bid of $2.97.
“On the unanimous recommendation of the Special Committee, the Clearwire board has unanimously concluded that the proposed transaction with Sprint is the best strategic alternative for stockholders, representing fair, attractive and certain value, especially in light of the Companys limited alternatives and the well-known constraints of its liquidity position,” the letter read.
This is only one part of the M&A drama enveloping these companies. Japan’s SoftBank is in the process of buying 70 percent of Sprint for $20 billion, while DISH has made a counter-offer for Sprint also, proposing to buy all of America’s third-largest wireless operator for $25.5 billion.
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