'Apples And Oranges' Bids Make For Tough Board Work

Law360, New York (June 11, 2013, 9:50 PM EDT) -- The three biggest takeover battles of the year — intertwined bids for Clearwire Corp. and Sprint Nextel Corp., and Dell Inc.'s contested buyout — show how hard special committees' jobs can be when they're not comparing apples to apples.

The trouble these three boards have had in picking out the best offers from competing bids by Dish Network Corp. and the team of Carl Icahn and Southeastern Asset Management Inc. is proof that it's a tall order.

All three committees spent weeks reviewing the rival offers without declaring any to be better or worse. Only Sprint has officially come off the fence, saying...

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