Dish increases offer for Clearwire to edge Sprint

ish Network Corp raised its buyout offer for Clearwire Corp to $4.40 per share, valuing the wireless service provider at $6.5 billion and topping a rival bid by Sprint Nextel Corp by nearly 30 percent.

"The Clearwire spectrum portfolio has always been a key component to implementing our wireless plans of delivering a superior product and service offering to customers," Charlie Ergen, Dish chairman and co-founder of Dish, said in a statement.

Dish also wants to designate at least three seats on Clearwire’s board and additional seats if it acquires a bigger stake. The satellite operator said it would also like a number of additional governance rights, including the right to approve transactions with other parties, including Sprint. It did say, however, that it's prepared to reduce the minimum voting stock it's looking to buy to 12.5% in case of complications with Sprint, which already owns about half of Clearwire.

"The Special Committee of Clearwire's board of directors has received Dish Network's offer and will review it to determine the best course of action for the company and its stockholders," the company said in a statement. "The Special Committee has not made any determination to change its recommendation of the current Sprint transaction."

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