Dish Cedes to Sprint's Clearwire Bid
Dish Network has officially withdrawn its bid to acquire Clearwire, forfeiting the hard-fought fight to Sprint.
For Dish, which looked like it was set to be the victor at several points in the last month but called it quits Wednesday afternoon, it's the second big wireless loss lately. The other came yesterday when Sprint's board approved Softbank's acquisition tender after dismissing Dish's competing offer as inadequate. (See Sprint Shareholders Approve Softbank Merger and Dish Throws in the Towel on Sprint Buy.)
The Clearwire board will vote July 8 on Sprint's $5 per share bid to buy the other half of the 4G wholesaler it doesn't already own. The board has already recommended that Clearwire accept Sprint's bid, which was raised two weeks ago to best Dish. (See Sprint Ups Bid for Clearwire to $5 a Share.)
Dish's bids to acquire both Clearwire and Sprint were aimed at giving it a presence in the wireless space. Now, without either, it'll have to search for a plan C. T-Mobile and DirecTV have also been thrown out as potential merger targets for the M&A-happy satellite operator, but each would have its fair share of challenges.
— Sarah Reedy, Senior Editor, Light Reading