Clearwire Endorses Higher Bid From Sprint As Clock Ticks

Law360, New York (May 22, 2013, 1:43 PM EDT) -- Clearwire Corp. on Wednesday approved a sweetened, $3.40-per-share offer from Sprint Nextel Corp., not wasting any time as it hustles to secure shareholder approval before a June 1 interest payment it appears likely to miss.

The special board committee said the $2.5 billion revised offer was as good as non-Sprint stockholders, who hold about just under half of the company, were going to get. And it beats bankruptcy, which the company has said is a real possibility.

"The special committee of the board of directors determined...
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