Dish Raises Its Bid For Clearwire
DISH Network, which sees itself operating at a disadvantage against cable operators since it cannot bundle phone and Internet services along with its TV satellite service, appears determined to wage a battle to the death with Sprint to acquire Clearwire. On Wednesday it offered $4.40 a share in cash to acquire Clearwire, 20 percent over Sprint's offer of $3.40. In after-hour trading, Clearwire shares jumped 19 percent. By midday today (Thursday) they were up more than 24 percent as investors foresaw the bidding war between DISH and Sprint escalating. Reuters reported that Clearwater shareholders agreed to postpone their vote on Sprint's offer, which was to have taken place on Friday. A source told the wire service that Dish Chairman Charlie Ergen had removed some of the conditions on his offer. This is a much improved offer from Dish, not just the dollar amount, said the source. He's got himself in the game now.