Sprint sues to stop buyout

Sprint is suing Dish Network to stop their buyout of the wireless data network operator, Clearwire. The company claims the deal breaches the rights of Clearwater shareholders. Sprint is the majority shareholder of Clearwater.

In the proposed deal, Dish plans to pay $4.40 for each share of Clearwire. Sprint made a bid to take over the company earlier, offering $3.40 per share. Sprint has declared Dish cannot complete their deal without approval from a 75 percent agreement from current shareholders.