On Wednesday, Dish Network (DISH) announced that it is abandoning its bid to purchase the minority stake in Clearwire not already owned by Sprint. The move comes after Sprint upped its offer for Clearwire to $5 a share. That topped the $4.40 a share Dish was willing to pay, Reuters notes.
Last week, Dish also dropped a bid to purchase Sprint itself after the wireless carrier’s shareholder accepted enhanced buyout terms from Japan’s Softbank, which announced plans to buy the nation’s third largest wireless carrier last year.
Dish has been looking to expand its business into wireless communications. It has acquired $3 billion worth of wireless spectrum and is thought to be seeking a wireless partner to build the business. Another potential target for Dish could be T-Mobile (TMUS), whose majority owner, Deutsche Telekom is widely thought to want to leave the U.S. market.
Sprint said it would acquire the outstanding stake in Clearwire late last year for $2.90 a share.
Shares of Clearwire fell more than 2% in pre-market trading on Thursday.