Sprint Says Dish's Bid For Clearwire Violates Del. Law

Law360, New York (June 3, 2013, 2:28 PM EDT) -- Sprint Nextel Corp. is flexing its “controlling shareholder” muscles in the escalating battle for Clearwire Corp., on Monday declaring Dish Network Corp.'s rival offer illegal under Delaware law.

Sprint says Dish's $4.40-per-share tender offer, which values Clearwire at about $6.6 billion, violates Delaware law governing the rights of controlling stockholders and breaches the terms of Clearwire's equityholders agreement, which promises Sprint significant sway over board composition and other governance matters.

“Dish is attempting to accomplish by contract with Clearwire what it cannot otherwise accomplish through the...
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