Clearwire Committee to Endorse Dish's Offer
The special committee formed by Clearwire tasked with evaluating Dish Network's tender offer is set to recommend that Clearwire accept Dish's offer, reports the Wall Street Journal. The committee believes Clearwire's full board should shun Sprint's offer of $3.40 per share in favor of Dish's offer of $4.40 per share, according to the sources "familiar with the matter." Until now, Clearwire's board has endorsed Sprint's offer for the company. Despite the committee's recommendation, Sprint still owns more than half of Clearwire. The committee is also recommending that Clearwire postpone a shareholder vote scheduled for Thursday, June 13 until later in the month. Sprint, however, believes Dish's offer is unactionable and illegal according to Delaware law. Neither Clearwire nor Sprint has commented on the matter. Dish and Sprint have been going back and forth over control for Clearwire since January.
Sprint's WiMax Shutdown May Halt Service for Charities
Sprint plans to deactivate its WiMax network on Nov. 6, but some charities say the change will eliminate internet service for some 300,000 Americans altogether.
Dish Networks CEO to Retire
Dish Networks CEO Joe Clayton plans to retire at the end of March. Clayton will be succeeded by Dish founder and Chairman Charlie Ergen.
FCC Likely to Reject Dish's Auction Discounts
The FCC is prepared to reject Dish Network's $3.3 billion in auction discounts, reports the Wall Street Journal. Dish used three smaller companies to place bids on its behalf.
Verizon Not Interested In Buying Dish
Verizon does not plan to purchase Dish Networks, according to CFO Fran Shammo. When asked by the Wall Street Journal, Shammo responded, "My answer is going to be one word: No." AT&T is near to closing its acquisition of Dish competitor DirecTV.