“(Reuters) – Sprint Nextel Corp on Monday attacked Dish Network Corp’s competing bid for ClearwireCorp , saying Dish’s demands violate Sprint’s governance agreements with Clearwire and Delaware law.
Sprint’s allegations, in a letter to Clearwire’s board, are the latest salvo in the battle over the wireless service provider. Sprint already owns a majority stake in Clearwire and is tussling with Dish to buy out minority shareholders.
Dish made a $4.40-per-share bid on May 29, challenging Sprint’s offer of $3.40 per share.
The fight over Clearwire and its valuable spectrum is part of a larger drama involving the fate of Sprint. Dish is trying to buy Sprint, the No. 3 wireless provider in the United States, for $25.5 billion. Japan’s SoftBank Corp also has Sprint in its sights.
Sprint said in its letter, “Many Clearwire stockholders appear to be under the mistaken belief that Dish’s proposal is a viable alternative to the Sprint merger agreement, and this is simply not the case.”
Among many complaints, Sprint said Dish’s demand to nominate Clearwire board members runs roughshod over the equity holder agreement’s requirement to pick independent directors….”Comments »