Price heads north of their offer and DISH undermines CLWR stock price, the tried and true Sprint method. DISH has $6 billion in cash. Take out the $2 billion for CLWR spectrum, and $3.30 is about all DISH can afford for CLWR. Sprint probably caved deciding to deal in DISH in exchange for DISH refraining from opposing the Softbank merger. DISHes hand was weakened when investors indicated $3.30 wasn't going to cut it either. You either believe in your investment at this point, or run away and miss whatever next event that might occur.
What if Dish's sole aim is to get CLWR and S to be a host for their current and future spectrum? They could just as easily use whatever shares they have accumulated to vote FOR Sprint's buyout of Clearwire, as long as the contract covers their needs. My estimate: Dish would need to hold 80M-100M shares to push Sprint over the minority voting edge.