Clearwire takes another $80M payment from Sprint

Clearwire (NASDAQ:CLWR) said it will take its second monthly payment from Sprint Nextel (NYSE:S), a part of Sprint's $2.97-per-share offer to buy the 50 percent of Clearwire that it does not already own. Dish Network (NASDAQ: DISH), which has made a conditional $3.30-per-share counterbid to Clearwire, said previously it would withdraw its offer if Clearwire took the money but has stayed mum since Clearwire took the first payment last month.

Clearwire said the special board committee evaluating the deals still does not have a position on the situation. The committee plans to continue evaluating Sprint and Dish's competing offers.

A Dish spokesman declined to comment.

Clearwire did not take monthly payments from Sprint's $80 million allocation in January or February but announced in late February that it would take the payment for March. The special committee of Clearwire's board has not yet decided whether to take any more monthly payments from Sprint, which are designed to provide interim financing for Clearwire.

Outgoing FCC Chairman Julius Genachowski said earlier this month that the FCC's review of the transaction--as well as Softbank's proposed purchase of 70 percent of Sprint--is on track to conclude May 29.

Minority institutional Clearwire investors, including Crest Financial, have said Sprint's offer undervalues Clearwire and are pressing for a better deal.

For more:
- see this release
- see this Reuters article

Related Articles:
FCC's Genachowski says review of Sprint/Softbank deal is on track
Clearwire shareholder Crest puts up more resistance to Sprint deal
Sprint, Softbank and Clearwire press cases for deals to FCC's Genachowski
Clearwire execs stand to rake in millions if Sprint deal goes through
Clearwire to take $80 million payment from Sprint, complicating Dish's bid

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