Clearwire, Sprint, Seagate: Tech Premarket
NEW YORK (TheStreet) -- Clearwire(CLWR) was the big gainer in premarket trading on Wednesday, lifted by Dish Network's(DISH) offer to acquire the wireless service provider for $3.30 a share, or $5.15 billion.
Late on Tuesday, Clearwire confirmed that it received the unsolicited offer from Dish Network. The latest bid tops an earlier offer from Sprint Nextel(S) .
The news pushed Clearwire's shares up 7.88% to $3.15 before market open. Sprint shares, however, tumbled 2.51% to $5.82.
Clearwire was also the most active premarket Nasdaq stock on share volume of 17,577,665.
Last month, Clearwire and Sprint entered into an agreement for Sprint to acquire the roughly 50% stake in Clearwire it does not already own for $2.97 a share. In its statement released on Tuesday, Clearwire said that that a special committee of its board will engage with Dish Network to discuss its proposal. "The Special Committee has not made any determination to change its recommendation of the current Sprint transaction," it added.
The Cupertino, Calif.-based firm expects to report revenue of at least $3.6 billion in the three months through December, up from a previous forecast of about $3.5 billion. It will release its full results later this month.
Seagate shares climbed 3.01% to $32.34 on share volume of 51,401.
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--Written by James Rogers in New York.
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