Sprint Nextel Corp. on Tuesday increased its bid for the nearly 50% stake it does not already own in Clearwire Corp. from $2.97 per share to $3.40.

In the revised deal, Sprint said it would pay about $2.5 billion for the shares in Clearwire it does not own. The transaction values the target, including debt and Sprint's equity, at $10.7 billion.

Sprint's new offer tops Dish Network Corp.'s bid of $3.30 per share.

Clearwire confirmed Tuesday morning that it received the bid and said it will review the proposal with its advisers. As a result, Clearwire has pushed back its special stockholders meeting, scheduled for later Tuesday afternoon, to May 30.

Sprint has been working to roll up the minority shares of Clearwire since December. The company offered $2.90 per share in mid-December and days later agreed to boost the offer to $2.97 per share.

Dish came forward with its $3.30 per share bid in January and shares of Clearwire traded above Sprint's offer since.

Minority shareholders such as Crest Financial Ltd. opposed Sprint's prior deal. The Houston firm did not immediately have a comment on the increased offer Tuesday morning.

Sprint has received a prior commitment from co-investors Comcast Corp., Intel Corp. and Bright House Networks LLC, which own a combined 26% stake in Clearwire, that they will vote in favor of a transaction. Sprint needs to obtain approval from Clearwire's minority shareholders in order to complete a transaction.

Meanwhile, Sprint is in the middle of its own takeover battle. Japan's Softbank Corp. and Dish Network have rival bids for the Overland Park, Kan., wireless carrier.

On Monday, Softbank granted Dish permission to conduct due diligence on Sprint.

In October, Sprint and Softbank announced a $20.1 billion merger agreement under which Softbank will buy 70% of Sprint. Dish ended up challenging the offer with its own $25.5 billion bid in April.

Evercore Partners Inc. and Kirkland & Ellis LLP are advising Clearwire.

Centerview Partners LLC along with Simpson Thacher & Bartlett LLP and Richards, Layton & Finger PA are advising Clearwire's special committee.

-- Chris Nolter contributed to this report.