Sprint (S) announced it has submitted an increased offer to the Board of Clearwire (CLWR) to acquire the approximately 50 percent stake in the company it does not currently own for $3.40 per share, valuing Clearwire at $10.7 billion. Sprint said the offer represents its best and final offer.
In a separate announcement, Clearwire Corporation confirmed it has received the revised offer from Sprint. The Special Committee of the Clearwire Board will review the revised proposal from Sprint. In light of the revised offer, Clearwire plans to adjourn its special meeting of stockholders, which is scheduled to be held on Tuesday, May 21, without conducting any business. The special meeting of stockholders will reconvene on May 30, 2013.
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