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It’s no secret Sprint has been gunning for Clearwire (of which Sprint is currently a majority owner) after they offered to buyout Clearwire for $2.2 billion back in December. Soon after, a bidding war took place with Dish making an offer of $3.30 a share, and then Sprint upping their original offer to $3.40. Eventually, it looked like Dish’s $6 billion bid ($4.40 a share) from May was enough to cause Sprint to fold, but the Now Network is now firing back, not by upping the ante — but with legal action instead.
Sprint Nextel Corp announced today that they are formally suing both Dish and Clearwire, alleging their tender offer violates Delaware’s corporate law. The lawsuit filed in the Delaware Court of Chancery is filled with a whole lot of legal jargon, but goes on to say the deal would violate the rights of Sprint and Clearwire’s investors under the charter equity holders agreement. Sprint believes shareholders were duped by Dish into believing its proposal was “actionable,” all in an attempt to block out Sprint from acquiring Clearwire.
Seems Dish and Sprint have locked horns in their acquisition of Clearwire and it’s going to take a judge to sort it all out. We can’t wait to see how this all turns out. For more, visit Sprint’s official statement via the link below.
[Sprint]
That didn’t seem to make it much clearer. Also, phrases like ” Soon, a bidding war soon took place” don’t help. ;)
It is nice to know that you guys actually read the comments and adjust the copy based on suggestions. Thanks a lot, guys. You rock! :)
(Don’t you think there should be a standard feature in blogs for someone to submit error corrections without having to post a public comment? It would be less embarrassing for the writer/editor and make the person offering the suggestion look & feel less like a jerk/snob).
Well that’s pretty pathetic. Sprint is a sorry company anyways. I don’t know what they’ll do with clearwire, but I hope Dish wins this lawsuit. They are awesome.
Sprint own 51 percent of clear wire your comment is pathetic
Anyone who down voted me doesn’t like facts
Dish is far from awesome, look at their previous aquisitions(blockbuster) and how they completly screwed that up. Plus they are going to be so leveraged with debt nothing will get done, the combined company will be a penny/junk stock level.
If Dish gets Clearwire and Sprint then I’m going to T-Mobile, while dish may be offering more money for Sprint and Clearwire not once have they said how they will improve the company, while Softbank has already said they will increase coverage, lower prices and increase data speeds, Ergen and Dish are bad news for the cell phone industry, I see Verizon and AT&T laughing their asses off right now over this joke called Dish.
Sprint is awful. I used to be a customer. They have a terrible network with crappy data speeds. I also have Dish satellite TV and it’s fantastic. Go Dish!
Dish sucks, plus they have no footing in the mobile wireless industry. They are a desperate company looking for a way to line their pockets somehow. However, this is not the way. Spank ftw!
Yeah, if by “suck” you mean lower priced TV with highest quality products, like the Hopper, then I agree.
Anyone who down voted this loathes facts.
Or I meant a company that deals in shady tactics and that is slowly, but surely going under. It’s only a matter of time before they file for bankruptcy.
@ Sean: I agree, Dishes acquisition of Clearwire & Sprint would mean only good things for the consumer. However Sprint is not fighting this as they should, another round of litigation will only hurt Sprint, Dish has weathered far worse.
and before you ask, yes, I work for Dish.
their bid is only for 25% of the company, and would change the bylaws. Sprint’s is to buy out what they don’t own. Sprint can singlehandedly block the merger with their current controlling interest…
Dude you copied my post word for word, come up with your own stuff.
It is just spam now. Did they post a copied, legit comment first then edit it to get around auto-flagging somehow?
Yes, they copied it and put a extra line in between the words.