Dish Network won't try to beat SoftBank's $21.6 billion bid for Sprint Nextel, apparently clearing the way for the Japanese service provider to buy Sprint.
Sprint Nextel sued Clearwire and Dish Network on Monday in a bid to block Dish from taking over Clearwire, Sprint's majority-owned network partner.
The battle of takeovers among Sprint Nextel, Dish Network, Clearwire and SoftBank has heated up as Clearwire's board recommended shareholders accept Dish's bid instead of Sprint's.
An amendment to Sprint Nextel's subscriber terms of service points toward the carrier's expected shutdown of its 4G WiMax service.
Clearwire's board of directors has unanimously recommended its shareholders reject the takeover bid by Sprint Nextel, which owns roughly half of Clearwire, and instead accept a buyout offer from Dish Network.
SoftBank has sweetened its bid for Sprint Nextel, increasing its total offer to about $21.6 billion and boosting the amount of cash Sprint shareholders would get.
The U.S. Department of Justice said Friday it has no objection to Softbank acquiring Sprint Nextel, a decision that clears the way for the Federal Communications Commission to rule on the deal.
Dish Network has boosted its bid for Clearwire to $4.40 per share, 29 percent above Sprint Nextel's most recent offer, and said it is prepared to buy up the stock of a minority of shareholders.
Government panel the Committee on Foreign Investment in the United States (CFIUS) has given its approval for Japanese mobile carrier SoftBank to acquire a majority stake in Sprint Nextel in a US$20 billion deal.
Our recent 20-city tests of wireless service show that both 3G and 4G services slow down less than 10 percent indoors.