Not long after Dish Network made its revised $4.40/share offer for Clearwire in a bid to further drive the bidding war between it and SoftBank earlier this week, the originally planned vote on the Sprint purchase offer was rescheduled at the last minute earlier today for June 13th.
As a result of the compressed timeline, the special committee formed to oversee both purchase offers from Sprint and Dish Network will now take an additional 2 weeks to oversee the revised Dish Network offer, but the committee still officially recommends the Sprint offer.
In addition, Clearwire has confirmed that it will not make use of Sprint’s continuing financing facility for short-term operations next month as a result of the rescheduled shareholder vote and the pending purchase offers, and instead will make a balloon interest payment on the previous loans utilized of $255 million on Saturday June 1st.
Clearwire previously utilized the financing facilities provided by Sprint earlier this year to draw $160 million over two consecutive months while in discussions with Sprint for the remainder of the company the carrier did not own before Dish Network stepped into the fray.
