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Sprint Raises Clearwire Bid

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.

 “The revised offer demonstrates Sprint’s commitment to closing the Clearwire transaction and improving its competitive position in the U.S. wireless industry,” Sprint said. The carrier contended it “is uniquely positioned to leverage Clearwire’s 2.5 GHz spectrum assets” to expand network capacity LTE capacity.

Sprint’s Network Vision network-upgrade plans “should allow for better strategic alignment and the full utilization and integration of Clearwire’s complementary 2.5 GHz spectrum assets, while achieving operational efficiencies and improved service for customers as the spectrum and network is migrated to 4G LTE standards,” Sprint said.