Dish withdraws Clearwire bid

US satellite player Dish Network has announced that it is withdrawing its offer to acquire all of the outstanding shares of in wimax player Clearwire.

Dish cited Clearwire’s recent decision to recommend a rival offer from mobile operator Sprint as a key reason it has opted to abandon its offer.

Earlier this week, Clearwire said in a statement: “Given the cash consideration being offered by Sprint is higher than the tender offer from Dish, and therefore the best alternative currently available to maximise value, shareholders should vote for the proposed merger with Sprint.”

Erik Prusch, president and CEO of Clearwire added:  “This offer has been unanimously recommended by the Special Committee of Clearwire’s Board of Directors, which consists of independent, non-Sprint-affiliated directors, and the Board urges Clearwire stockholders to vote ‘for’ the transaction.”

Also this week, Sprint’s shareholders voted overwhelmingly in favour of a takeover bid from Japan’s Softbank. Approximately 98 per cent of shareholders voted for the merger. Sprint’s board of directors had already ended negotiations over a potential takeover by Dish Networks on the basis that Dish did not “put forward an actionable offer”

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