Sprint is boosting its bid for Bellevue mobile broadband company Clearwire to $3.40 per share, an increase of about 50 percent over the previous offer. As a result of the increased bid, Clearwire has pushed its shareholder voter, originally scheduled for today, to Friday, May 31 at 10:30 a.m.. (Editor’s note: The date of the new shareholder meeting has been updated in the story and headline).
The new offer comes as Dish Network, which also bid for Clearwire, reportedly considered a $2 billion deal to acquire the spectrum licenses of former Clearwire rival LightSquared. It also comes as Dish considers buying Sprint for $25.5 billion, countering an offer from Japan’s SoftBank.
Sprint had previously boosted its offer for Clearwire to $2.97 per share, or $2.2 billion, and last week the Clearwire board strongly recommended that shareholders take the offer.
“When the facts are distilled and the circumstances surrounding this proposed merger are fairly assessed, I believe that the merger with Sprint is the best strategic alternative for all stockholders because it delivers fair, attractive and certain value, especially in light of Clearwire’s limited alternatives and liquidity constraints,” wrote Clearwire board member John Stanton.