NEW YORK, June 13 Proxy advisory firm
Institutional Shareholder Services on Thursday urged Clearwire
Corp shareholders to vote against majority shareholder
Sprint Nextel Corp's $3.40 per share offer for Clearwire
stock it does not already own.
ISS issued the advisory the day after Clearwire's board also
recommended that shareholders vote against the Sprint deal and
suggested that they instead accept a rival tender offer from
Dish Network Corp for $4.40 per share.
The advisory firm said it revised its recommendation, which
was for the Sprint deal, because the price being offered by Dish
was "significantly higher than the cash consideration being
offered by Sprint" and because of Clearwire's board has
determined the Dish deal could be done.
Sprint declined to comment on the recommendation. It had
previously argued that conditions that came with the Dish bid
would make it impossible for Clearwire to accept it.
Clearwire shares closed up 10 cents, or 2 percent, at $4.47.