By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Overland Park, Kan. — Clearwire has agreed to a sweetened acquisition deal by Sprint that gives the carrier approximately 50 percent of Clearwire it does not currently own for $5.00 per share, or about $14 billion.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Englewood, Colo. — Dish Network said it was unable to make a binding revised offer to purchase Sprint by yesterday’s Sprint-imposed deadline, paving the way for a June 25 vote by Sprint shareholders on a competing takeover bid by Japan carrier SoftBank.
Overland Park, Kan. — Sprint filed a lawsuit in a Delaware court to block Dish Network’s bid for Clearwire and effectively called Dish dishonest.
The suit against Dish and Clearwire follows a decision last week by Clearwire’s board to recommend that Clearwire shareholders vote down Sprint’s plan to acquire Clearwire and opt instead for Dish’s competing bid.
Sprint, which owns slightly more than 50 percent of Clearwire, wants to acquire the remainder of the Clearwire stock that it doesn’t already own.
Bellevue, Wash. — Sprint’s plan to buy the Clearwire shares that it doesn’t own has been thrown into disarray.
The board of wireless-carrier Clearwire reversed course last night and recommended that shareholders vote down Sprint’s acquisition plan and opt instead for a competing bid from Dish Networks. The board postponed today’s shareholder vote on the Sprint proposal and selected June 24 for a new vote.
Englewood, Colo. — Dish Network doesn’t seem to be giving up on its desire to purchase struggling carrier Sprint despite a sweetened offer for Sprint by Japan carrier SoftBank.
According to a SoftBank statement, its new offer is $21.6 billion — $1.5 billion higher than the original Oct. 15, 2012, offer — with $16.6 billion to be paid to Sprint shareholders and $5 billion for new capital to be used to strengthen Sprint’s balance sheet.
New York — Windows and iOS-based smartphones are gaining sales share at a faster pace than Android smartphones, said research company Kantar Worldpanel ComTech.
In addition, the research firm reported that Verizon Wireless and Sprint are gaining smartphone sales share at the expense of their two rivals.
Bellevue, Wash. — Clearwire postponed today’s shareholder vote on Sprint’s acquisition bid after Sprint raised its bid to quell opposition by some Clearwire shareholder groups.
In a last-minute attempt to ensure the deal goes through, Sprint raised its bid to acquire the approximately 50 percent of Clearwire that it doesn’t own to $3.40 per share, up 14 percent from Sprint’s December 2012 offer of $2.97 per share, or about $2.2 billion.
Dish had previously bid $3.30 per share to acquire all Clearwire stock.
Overland Park, Kan. – Sprint is on schedule to shut down its 2G iDEN network at the end of June as announced last May to reduce operating costs and repurpose the spectrum for higher speed service, the carrier said.
The last full day of iDEN service will be June 29, when iDEN phones will no longer receive voice and data service or be able to make 911 calls.
Overland Park, Kan. — Sprint Nextel announced this morning that its board has formed a special committee of independent directors to review and evaluate the proposal received from Dish Network with its financial and legal advisors.
Dish proposed a $25.5 billion merger with Sprint Nextel on April 15, exceeding the bid by Japan’s SoftBank to buy the cellular carrier.