Sprint has now answered Dish’s $4.40 tender challenge for Clearwire with more than just a lawsuit. Yesterday they went all in with a $5/share bid that clearly is intended to go for the knockout.
From $2.97 to $3.30 to $3.40 to $4.40 to $5, it’s been quite a ride. Crest Financial has to feel at least some satisfaction, having spearheaded the shareholder opposition to Sprint’s initial bid. A 68% improvement is nothing to sneeze at, whether it’s the final price or not.
Along with Softbanks raised bid for Sprint, Dish’s refusal to make a best and final offer, and Sprint’s suit against Dish/Clearwire to stop the tender, there don’t seem to be many steps left to this crazy M&A dance. But we do have to wait until July 8 for the re-re-re-delayed shareholder vote, although Sprint says it has 45% of the minority shareholders already on board.
Softbank’s CEO Masayoshi Son is confident enough for the Sprint side of things to publicly say they expect to close the deal in July. However, Sprint’s shareholders haven’t voted yet, that comes on Tuesday next week.
So what’s the next move for Dish? Is there one more beanball left in Charlie Ergen’s pitching arm?
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