Sprint raises its offer for Clearwire

Sprint upped the ante in its bidding war to buy wireless supplier Clearwire by raising its share price to $3.40. Sprint had previously offered $2.97 per share, a price which was expected to be voted down at today’s stockholder meeting.

In the interim, DISH network had offered $3.30, a bid reportedly supported by major Clearwire shareholders Comcast, Intel, and Bright House.

According to Randy Barber, director of the Center for Economic Organizing, the new Sprint price is worth noting:

“The fact of an increased Sprint offer isn't much of a surprise, but the magnitude (+$0.43/share, +14%) indicates that Sprint CEO Daniel Hesse has started to blink. Moreover, the absolute last-minute timing seems a bit ham handed.”

Sprint raises its offer for Clearwire to $3.40/share ahead of today's shareholder meeting (Seeking Alpha, May 21, 2013)