Clearwire committee gives nod to Dish takeover bid over Sprint

Point goes to Dish over Sprint on this round, but is it game over yet?

Clearwire's board of directors is sending a pointed message to shareholders: pick the bid from Dish Network over Sprint.

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The decision was reported late on Wednesday with the shareholder vote pushed back to Monday, June 24.

Dish is offering shareholders approximately $4.40 per share compared to $3.40 a pop from Sprint for the 49 percent of Clearwire shares it doesn't already own.

The latest move comes after a busy week in the Clearwire-Sprint-Dish-SoftBank web of mergers and acquisitions.

On Tuesday, SoftBank sweetened the deal to nab Sprint, promising shareholders $21.6 billion to stave off Dish's chances of securing the carrier. That was after shareholder and advisory firm Egan-Jones Ratings reversed its position on the Japanese carrier's original $20.1 billion offer.

Yet it still doesn't match Dish's most recent bid of $25.5 billion .

On the sidelines is a bizarre legal battle in which Sprint filed a complaint last week that Dish's proposal to obtain Clearwire violates Delaware state law.

Dish chairman Charlie Ergen slammed the accusations in a letter addressed to Clearwire chairman John Stanton, retorting that such accusations are "incorrect and misleading."

Ergen has also been said to make a play for picking up LightSquared's radio frequencies to Dish's networking portfolio.

It was reported in May that the TV satellite giant made a $2 billion bid for LightSquared, which is owned by private investment firm Harbinger Capital Partners.

via Reuters