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Clearwire board OKs Sprint's revised, $3.40/share bid

The board urges shareholders to vote "yes" for the bill when they meet to place their ballots on May 31.

Just a day after Sprint upped its bid to acquire Clearwire, the latter's board has said that it's the right deal for the company.

In a statement released Wednesday, Clearwire's board announced that it has approved the new deal with Sprint. The board has also asked shareholders to vote in favor of the acquisition when they meet to place their ballots on May 31.

Sprint made a surprising announcement Tuesday, saying that it would up its initial offer to buy the remaining 50 percent of Clearwire that it doesn't own from $2.97 per share to $3.40. The deal is 10 cents higher than the $3.30-per-share unsolicited offer made by Dish.

It's no surprise that Clearwire's board approved the deal: it also thought that the $2.97-per-share offer was one that its shareholders should approve. Dish, though, has yet to respond to the new offer, which could throw a wrench in the plans.

That said, Sprint has no plans to get into a bidding war. Speaking to CNET on Tuesday, Sprint CEO Dan Hesse said that the latest bid is his company's "best and final" offer.