Home » Uncategorized » Sprint’s Lawsuit Against DISH And Clearwire
sprint

Sprint’s Lawsuit Against DISH And Clearwire

Sprint is currently Clearwire’s largest shareholder, but the Now Network has been trying a buyout since last year. The only obstacle has been Dish which has been coming out with bigger offers every time Sprint was upping the ante. But now, Sprint is going legal.

It was in December last year that Sprint offered $2.2 billion for buying out Clearwire. This was followed by Dish making an offer of $3.30 a share. Then Sprint increased their offer to $3.40. Dish’s final bid of $6 billion ($4.40 a share) appears to have been too much for Sprint as they have given up the bidding game and have announced a lawsuit, filed in the Delaware Court of Chancery, against Dish and Clearwire.

According to Sprint, Dish’s tender offer is against their rights as well as those of other stockholders of Clearwire under Clearwire’s charter and Equity Holders Agreement. The offer is also said to be in violation of Delaware law. Dish has allegedly tried to mislead Clearwire’s shareholders to believe that their “proposal was actionable in an effort to acquire Clearwire’s spectrum and to obstruct Sprint’s transaction with Clearwire”.

Head here if you want to check out more points from the lawsuit. It will be interesting to know how this ends. Meanwhile, everything is pointing towards a win for Softbank in the other bidding war. It’s certainly no surprise that Sprint can’t focus on other matters at the moment as they are tied up in these issues.

[Source] [Image Source]

About Leo Xavier

Check Also

wii-oculus-rift-hoverboard

Try Oculus Rift And Wii To Roam Around On The Back To The Future Hoverboard

Check out how you can fly in virtual space by using an Oculus Rift and a Wii Balance Board.

131129-amz

Amazon Appstore for Android Holiday Deals, Including Free Apps

There are tons of deals from the Amazon Appstore that will be offered starting now and throughout the holiday shopping season. They say that they will have "hundreds of titles that are eitehr free... or available between 50-90% off" the regular price.

131129-google

Black Friday: Google Play Store Apps, Games and Content on Sale All Weekend

Case in point, if you head over to the Google Play Store right now, you'll find that Google is celebrating all Cyber Weekend with discounts on all sorts of content. This includes many popular apps and games

131129-gtab

Black Friday Deal: Samsung Galaxy Tab 3 10.1-Inch for $100 Off

Did you manage to score any epic Black Friday deals this morning? Are you still ...

131128-diy

Arduino Co-Creator Releases Plans for $200 DIY Mobile Phone

Mellis was one of the people who came up with the now hugely popular Arduino platform and now he has come up with plans for people to build their own cell phone for about $200 in parts.

131128-apple

No Discounts for Apple Black Friday, Just Free Gift Cards

If you were hoping to save yourself some cash as you brave the Black Friday shopping crowds, you'll want to go somewhere other than the official Apple Stores.