Dish Network says Sprint Nextel’s lawsuit that seeks to stop Clearwire from merging with Dish is an attempt to distract shareholders and prevent them from receiving a fair price for their shares.
Sprint, the Overland Park, Kan.-based telecom company, filed the suit Monday to block Dish, an Englewood, Colo.-based satellite TV provider, in its bid to buy a stake of Clearwire, a Bellevue, Wash.-based wireless company, for $4.40 a share. Dish’s offer is a 29 percent premium over what Sprint, which already owns 51 percent of Clearwire, has offered to pay for the rest of the company.
In its suit, Sprint claimed Dish has worked to break up a solid merger and “drive Clearwire into financial ruin.” Dish fired back in a release that Sprint’s suit is a “transparent attempt to divert attention from its failure to deal fairly with Clearwire’s shareholders.”
Dish said it remains confident in its “superior offer,” which has the backing of Clearwire’s board. Clearwire shareholders are scheduled to vote on the deal on Monday.