GO
Loading...

Dish Offers to Buy Clearwire for $3.30 a Share

Dish Network, a satellite TV provider, has offered to buy Clearwire, a 4G wireless broadband provider, for $3.30 a share.

The unsolicited Dish offer trumps a $2.97 a share bid from Sprint made in December.

In a press release, Clearwire said it will hold discussions with Dish, but "its ability to enter into strategic transactions is severely limited by its current contractual arrangements."

"We look forward to working with Clearwire's Special Committee as it evaluates our proposal," said Tom Cullen, Dish executive vice president of corporate development, in a statement.

Sprint in a letter to Clearwire called the Dish proposal "illusory, inferior" to the Sprint offer and not viable because it cannot implemented in light of Clearwire's current legal and contractual obligations."

What are the stocks doing now?

Click here for the latest after-hours Dish quote.

Clearwire shares were halted pending the news, then shot up 10 percent when they resumed trading. Click here for the latest after-hours quote for Clearwire.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • Stifel Nicolaus' James Albertine explains why he upgraded Tesla to a buy, and the FMHR traders provide perspective.

  • Discussing reports about Apple's digital wallet and iWatch, and whether it changes his view of the stock, with Gene Munster, Piper Jaffray senior analyst. Munster thinks a larger screen would cannibalize the iPad.

  • Questions remain as to how the photos of celebrities were hacked this weekend, with CNBC's Jon Fortt. Also, insight to news about the iWatch.