Sprint has filed a lawsuit against Dish Networks and Clearwire in Delaware that aims to prevent Clearwire from acting on Dish’s tender offer for Clearwire.
Last week, the special action committee evaluating Dish’s proposal for Clearwire recommended that the board accept Dish’s offer rather than Sprint’s. Sprint contends that Dish’s offer violates both Delaware law, as well as the rights of both Sprint’s and Clearwire’s investors. Sprint also calls the offer “structurally and actionably coercive.”
Sprint points out that the offer cannot be accepted without approval from 75% of Clearwire’s investors, including both Sprint and Comcast specifically. Sprint goes on to accuse Dish of attempting to fool Clearwire’s shareholders and obstruct Sprint’s attempt to acquire the portion of Clearwire that it does not already own.
Sprint wants portions of the tender offer to be rescinded, and is also seeking declaratory, injunctive, and compensatory relief.
