Two sources familiar with the transaction has told Reuters that Clearwire Corp will be postponing its vote on the offer extended by Sprint-Nextel Corp to buy the company after Dish Network recently modified its bid.
The shareholder vote was slated to be held on Friday and on the agenda was the offer made by Sprint to purchase Clearwire for US$3.40 per share. The said meeting though would be postponed after Dish forwarded a bid worth US$4.40 per share last Wednesday.
According to Clearwire, it could not decide on the offer made by Dish last January with a per share price of US$3.30 per share due to some limitations that were included in the said bid that were contrary to the previous agreements entered into by Clearwire and Sprint. Sprint is the majority owner of Clearwire.
Upon the lifting of these restrictions in the new bid from Dish, many see that Charlie Ergen's move is a 'serious offer that is actionable'. This would prompt the Clearwire board and its special committee to review the modified bid submitted by the company.
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