As long as they do not take the money, it's only a paper deal with no teeth. BoD needs to leave all options open since hedge funds have made their intent known. Also, we do not know what other conversations are going on behind the scenes that would cause them to be more cautious in proceeding with this deal.
Not so simple: S has a majority ownership and various contractual and business structure positions that have an influence or restrict what Clearwire BoD can do. Again, as the 90% customer, what Sprint does now and in the future has an impact on Clearwire. CW BoD has been pressed to pursue its fiduciary responsibilities in the context of the conflicting points of view. However, they face a reality that leaves few degrees of freedom to avoid doing business with Sprint and accepting their offer. They can try to gain an improvement on the offer and determine if the DISH offer can be made a viable alternative. Any decisions made are subject to those of the FCC and DoJ. So that becomes the gating factor. The decision flow lines up as DoJ coming first due to the issues of security and public safety, then the FCC, and then the business final decision that depend on the rulings governing he spectrum and foreign ownership. At this point in the process, there is no need for the Clearwire BoD to rush. It might also make sense to keep the options open during the DoJ and FCC review process to hear out opposition and alternatives. The inputs from the other players could become critical factors in putting together wholesale access, spinning out some of the spectrum, or forging new relationships that help leverage the assets more aptly.