Sprint raises its offer for Clearwire to $5/share

Sprint Nextel Corp raised its buyout offer for Clearwire Corp to $5 per share on Thursday, trumping a $4.40 per share offer from Dish Network Corp.

Clearwire said it changed its recommendation in favor of the Sprint offer after the price increase and postponed a June 24 shareholder vote until July 8.

Sprint, already Clearwire's majority shareholder, raised its bid just a few days before shareholders in the smaller wireless company were due to vote on its previous $3.40 per share offer.

(Reporting by Sinead Carew; Editing by Gerald E. McCormick)