Hasta La Gadget!

You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours — all handpicked by the editors here at the site. Click on through the break, and enjoy.

Comments

It looks as if nine months of hard politicking is coming to an end, now that the FCC has reportedly rubber-stamped the deal to tie up Softbank with Sprint and Clearwire. Bloomberg’s cabal of insiders have said that two out of three commissioners have voted to support the transactions, meaning that Dan Hesse and Masayoshi Son should soon start cracking open the champagne and cigars. Now that the pair have charmed shareholders, convinced the Justice Department and bloodied Joseph Clayton’s nose, all that’s left to do is tell John J Legere that his services are no longer needed.

Filed under: Wireless, Mobile, Sprint

Comments

Source: Bloomberg

We’re deep into a bona fide bidding war here — Sprint and Dish are both battling for an approximately 50-percent stake in Clearwire, and as of today, that former contestant’s bid makes it the new front runner. To catch you up, last month Dish offered $4.40 per share for Clearwire, following Sprint’s offer of $3.40 per share made way back in December. Now, the carrier has increased its bid to a whopping 5 bucks per share, which values Clearwire at just about $14 billion. (As you can probably imagine, CLWR’s trading price has jumped today to match that new target.) This comes just days after Sprint filed a lawsuit to prevent the other two parties from moving forward. Whether or not CLWR’s spectrum and other assets make it worth that sum is a different story, but Sprint clearly sees some solid value there.

Filed under: Wireless, Mobile, Sprint

Comments

Source: Sprint (BusinessWire)

The latest move in the standoff between Softbank, Sprint, Dish Network and Clearwire has been made, as Dish stated today it will not submit another bid for Sprint. This comes after Sprint sued to stop Dish from buying Clearwire, which the satellite company called an attempt to deflect attention from its own unfair dealings. If you’ll recall, Dish Network jumped in with a $25.5 billion offer to buy Sprint, but after Japanese carrier Softbank improved its proposal slightly, Sprint put Dish on a deadline to respond. That time limit expired today, and Dish is choosing to consider its options on Sprint, while focusing on completing the Clearwire deal. Dish cited some specific changes in the Softbank deal that made it impossible to meet the deadline, including higher break-up fees if the deal didn’t go through. so what’s next? Softbank’s still waiting for FCC approval before it can go through with the acquisition, and reports it expects to close the deal in early July.

Filed under: Mobile, Sprint

Comments

Source: Reuters, Bloomberg, Dish Network

Sprint warned Clearwire in early June that it viewed Dish’s latest attempt to buy it as illegal, and now the carrier is following up with legal action. Big Yellow has just announced that its filed a lawsuit against Dish and its acquisition target in Delaware, as it believes the buyout would violate state law and the rights of shareholders and investors in both itself and Clearwire. The Now Network is asking the court to prevent the completion of the deal, rescind certain parts of the agreement and seek “declaratory, injunctive, compensatory and other relief.” In the outfit’s own words, the suit “details how DISH has repeatedly attempted to fool Clearwire’s shareholders into believing its proposal was actionable in an effort to acquire Clearwire’s spectrum and to obstruct Sprint’s transaction with Clearwire.” Stand back folks, the legal fireworks are just starting.

Filed under: Sprint

Comments

Source: Sprint