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News Summary: Sprint sues to stop Clearwire buyout

The Associated Press

COURT CHALLENGE: Sprint Nextel Corp. said Tuesday it is suing to stop Dish Network's buyout of wireless data network operator Clearwire.

COMPETING BIDS: Dish has offered to pay $4.40 per share for Clearwire, which has recommended that its shareholders approve the offer. That reverses its earlier stance in support of a takeover bid by Sprint, its majority shareholder. Sprint has offered $3.40 per share.

THE ARGUMENTS: Sprint said the Dish deal violates the rights of Sprint and other Clearwire shareholders. Dish says Sprint is trying to divert attention from its failure to give Clearwire shareholders a fair shake.