“Sprint Nextel Corp. (S) said it sued Dish Network Corp. seeking to block a buyout of Clearwire Corp. (CLWR), saying Dish’s bid violates rights of investors in the wireless network provider.
Sprint, Clearwire’s largest shareholder, said it sued Dish in state court in Wilmington, Delaware, yesterday to try to halt Dish’s $4.40-a-share bid for Clearwire. Sprint and Dish are both vying to acquire the Bellevue, Washington-based firm.
Dish’s offer is designed to coerce Clearwire shareholders into handing over their shares “or else be left holding stock in a corporation that will be handicapped by unlawful corporate governance restrictions, onerous debt provisions and subject to massive monetary damages claims,” according to a copy of a complaint provided by Sprint’s lawyers. The filing couldn’t be confirmed in Delaware Chancery Court after regular business hours yesterday…..”
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