Clearwire recommends vote for revised Sprint bid

NEW YORK Wed May 22, 2013 9:16am EDT

NEW YORK May 22 (Reuters) - Clearwire Corp said on Wednesday its special committee and its board of directors approved majority shareholder Sprint Nextel Corp's revised offer to take over the company and advised investors to vote for the deal.

Wireless service provider Clearwire announced the decision just a day after Sprint raised its offer for the almost 50 percent of the company it does not already own to $3.40 per share from $2.97 per share.

Clearwire said in a statement that Sprint's increased offer "when compared with other potential transactions reasonably available to the company at this time, is the most favorable potential transaction to the company's unaffiliated stockholders."