Clearwire Dumps Sprint In Favor Of Dish's Takeover Bid

Law360, New York (June 12, 2013, 6:01 PM EDT) -- In a last-minute twist, Clearwire Corp. on Tuesday dumped a takeover offer by Sprint Nextel Corp. for a topping bid by Dish Network Corp., swapping horses in the middle of the year's biggest M&A race.

In a regulatory filing late Wednesday, Clearwire urged its stockholders to tender their shares to Dish at $4.40 each, after Sprint refused to go any higher than $3.40. Weighing the risks that sticking with  Sprint's lower bid would breach its responsibility to get the best price for shareholders — and the...
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