Dish Network Corp (DISH.O)has withdrawn from the bidding war between Dish and Clearwire’s majority owner Sprint Nextel Corp (S.N). Its the second time in less than a week that dish founder founder Charlie Ergen failed with plan to expand into wireless.
Last week Sprint (S) raised its offer to buy the portion of Clearwire that it does not already own to $5 per share. Dish had previously offered $4.40 per share for Clearwire.
Shares of Clearwire fell 11 cents, or 2.2 percent, to $4.98 in after-hours trading following the announcement. Dish shares lost 9 cents, to $40.11.
Sprint and Dish had been battling since January over Clearwire’s valuable wireless airwaves and vying to buy out minority shareholders. Sprint shareholders voted on Tuesday in favor of an increased takeover offer from Japan’s SoftBank’s Corp.
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