Following last week's revised offer of $5 a share from Sprint for the approximately 50% of the outstanding stock of Clearwire it doesn't already own, DISH Network yesterday announced it has formally withdrawn its bid for Clearwire.
According to DISH Network, its $4.40-a-share bid "provided that it could be withdrawn, among other reasons, as a result of the recent change in recommendation by Clearwire." Clearwire had recommended shareholders accept DISH's bid, but then changed to support Sprint's.
Sprint's revised bid for Clearwire, in addition to its 47% premium from the original offer of $3.40 a share on May 21, 2013, had also garnered voting commitments from an estimated 45% of Clearwire shareholders, according to Sprint.
-- Material from The Associated Press was used in this report.
The article It's Official: DISH Takes Clearwire Offer Off the Table originally appeared on Fool.com.Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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