Struggling wireless provider Clearwire is entertaining buyout offers from both Sprint and Dish Network. The carrier issued a proxy statement that suggests it is still leaning towards the Sprint deal, but it hasn’t made a final decision to accept the offer. Sprint offered the company $800 million in financing and $2.97 per share for the remaining part of Clearwire that it does not already own. The $800 million was to be paid out in ten $80 million increments starting February 2013.
The Special Committee will, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, continue to evaluate the DISH Proposal and engage in discussions with each of DISH and Sprint, as appropriate. The Special Committee has not made any determination to change its recommendation of the current Sprint transaction.
Though it may favor Sprint, Clearwire isn’t ready to shut out Dish. Clearwire confirmed its was still in talks with both Dish and Sprint. The wireless provider also kept the Dish deal on the table by refusing to accept the first $80 million in financing from Sprint. During its negotiations, Dish told Sprint it would rescind its buyout offer if Clearwire accepted any money from Sprint.
[Via Phone Scoop and Clearwire]