June 20, 2013 / 6:41 PM / in 4 years

CORRECTED-Sprint raises its offer for Clearwire to $5/share

1 Min Read

(Corrects date to June 20)

NEW YORK, June 20 (Reuters) - Sprint Nextel Corp raised its buyout offer for Clearwire Corp to $5 per share on Thursday, trumping a $4.40 per share offer from Dish Network Corp.

Clearwire said it changed its recommendation in favor of the Sprint offer after the price increase and postponed a June 24 shareholder vote until July 8.

Sprint, already Clearwire's majority shareholder, raised its bid just a few days before shareholders in the smaller wireless company were due to vote on its previous $3.40 per share offer. (Reporting by Sinead Carew; Editing by Gerald E. McCormick)

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