BELLEVUE, Wash. – Wireless data network operator Clearwire Corp. is recommending that its shareholders approve a buy-out offer from Dish Network Corp., reversing its earlier stance to support a takeover bid by its majority shareholder, Sprint Nextel Corp.
Clearwire shares rose 3 cents to $4.40 in after-hours trading Wednesday, the same amount that Dish is offering per share.
Dish also said in a release Wednesday that its offer to pay $4.40 per share of Clearwire would be extended by two working days to July 2, and holders of 245,411 Clearwire shares had already committed to sell them to Dish.
That represents less than 0.1 per cent of the 1.5 billion Clearwire shares outstanding.
Dish has said its offer is contingent on being able to buy 25 per cent of the company.
Sprint said late Wednesday that it will review Clearwire’s statement and any subsequent filings with regulators before determining its next steps.