Sprint Makes Clearwire an Offer It Can’t Refuse

Sprint, already the object of a $20 billion takeover, must get approval from its prospective new owner — Japan’s Softbank — before entering into a definitive agreement to acquire the rest of Clearwire.

The only conceivable reason for this acquisition is that Softbank and Sprint had an understanding at the time of Softbank’s offer for Sprint that the U.S. phone company would either fish or cut bait with Clearwire. In the end, the temptation of Clearwire’s spectrum holdings proved just too enticing.

Sprint’s shares are trading down about 1.2% in the premarket this morning, at $5.66 in a 52-week range of $2.10 to $6.04. Clearwire’s shares are up 10.9% to $3.05, a new 52-week high if it holds.

Paul Ausick