DISH Network announced that DISH Acquisition Holding Corporation has extended the expiration of the previously announced tender offer to acquire all of the outstanding shares of Class A Common Stock of Clearwire for $4.40 per share, net to the seller in cash, without interest, less any applicable withholding taxes, until 12:00 midnight ET at the end of the day on 7/2, unless further extended or earlier terminated. The tender offer was previously scheduled to expire at 12:00 midnight 6/28.
Colbent Corporation, the depository for the tender offer, has advised that, as of the close of business on 6/11, 245,411 shares of common stock of Clearwire were validly tendered and not validly withdrawn from the tender offer.
DISH Chairman Charlie Ergen recently raised DISH’s bid for Clearwire by $1.10 per share to $4.40/share–higher than Sprint Nextel’s revised bid of $3.40 on 5/21—the Clearwire board postponed its 5/31 stockholder vote, likely to give Sprint a chance to up its own bid. That hasn’t happened yet and it’s likely Clearwire wants to give that a little more time. Clearwire sits on 40 megahertz of prime wireless broadband spectrum. Sprint is currently the majority owner of Clearwire. Meanwhile, DISH also continues its battle with Japan’s SoftBank for ownership of SprintNextel. SoftBank also wants Clearwire. If Sprint ends up getting Clearwire, it could still ultimately end up in DISH’s portfolio—or SoftBank’s. Remember, Sprint is already the majority owner of Clearwire.
