Clearwire board approves higher Sprint offer
Clearwire wants to accept a richer buyout offer made by Sprint this week and is recommending that shareholders vote in favor of it.
Sprint upped its bid by 14 percent to $2.5 billion Tuesday for the wireless data network operator.
Some shareholders have opposed the deal, including Crest Financial, which spurned the latest bid as well.
Sprint Nextel Corp. is offering $3.40 per share for the half of Clearwire Corp. that it does not already own. Its previous offer, from December, was for $2.97 per share.
Clearwire said Wednesday that shareholders will be able to vote on May 31. Only shareholders of record as of April 2 are eligible.
Sprint, based in Overland Park, Kansas, is Clearwire's only major wholesale customer, and uses its network to provide "Sprint 4G" service.
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