Clearwire Still Looking Over Offer from Dish Network

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In an Securities and Exchange Commission filing this morning, wireless network company Clearwire Corp. (NASDAQ: CLWR) filed a preliminary proxy statement related to the company’s “definitive agreement” to be acquired by Sprint Nextel Corp. (NYSE: S) for $2.97 a share. But wait … there’s more.

Clearwire also said that it continues to review the “unsolicited, non-binding” proposal from Dish Network Corp. (NASDAQ: DISH), which offers $3.30 a share with a lot of strings attached.

One of those strings is related to Sprint’s financing agreement for Clearwire, which was to provide the wireless carrier with $80 million a month for 10 months. Clearwire did not take the first draw on the funds in January because Dish Network threatened to withdraw its offer if Clearwire did so. A withdrawal certainly would have fired up a multitude of legal actions.

Clearwire continues to recommend approval of the Sprint acquisition although it also continues its review of the company’s options. But because Sprint already owns slightly more than 50% of Clearwire, other shareholders may not have much leverage.

Clearwire’s shares are up about 1.6% in premarket trading this morning, at $3.23 in a 52-week range of $0.83 to $3.41.

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