Clearwire Endorses Sprint Bid While Staying Silent on Dish Offer

In a letter to investors, Clearwire said it was endorsing the $2.97-a-share bid after rejecting an earlier Sprint offer of $2.60. After consulting with independent financial and legal advisers, the board’s special committee concluded that the current price is fair.

Sprint, which already owns more than 50 percent of Clearwire, is seeking to buy the remaining stake in a $2.2 billion deal. “The Clearwire board has unanimously concluded that the proposed transaction with Sprint is the best strategic alternative for stockholders, representing fair, attractive and certain value, especially in light of the company’s limited alternatives and the well-known constraints of its liquidity position,” Clearwire said in a statement. Investors are scheduled to vote on the offer on May 21.