Telecom Lead America: Sprint says Dish proposal to buy Clearwire violates Delaware law.
Apparently, Sprint it has sent a letter to the Clearwire board of directors, explaining the violation of the regulation.
Read a copy of the letter that was sent to Clearwire’s Board today
Sprint says certain provisions in Dish proposal violate Delaware law.
In its letter to Dish Network, Sprint said several rights demanded by Dish, including a contractual agreement to designate at least three Clearwire board members and the right to veto certain Clearwire actions are violations of the EHA or Delaware law.
Dish proposal calls for Sprint to effectively give up certain of its rights and ignores the requirement that Sprint and other EHA holders must consent to the rights Dish has required as a condition to its tender offer.
Sprint will not vote in favor of the proposal, tender its shares in the offer or waive any of its rights as a stockholder or under the EHA.
