Sprint Nextel, the third largest U.S. wireless carrier, accepted a $21.6 billion bid last week from Japan’s SoftBank and gave Dish Network a Tuesday deadline to make a best and final offer. However, Dish said it would not submit a new offer by the deadline, which clears the way for a Sprint acquisition by SoftBank. Dish has shifted its focus to purchasing a large stake in Clearwire Communications, but now faces a lawsuit filed by Sprint to block the offer.

“Sprint shareholders are to vote on the SoftBank deal June 25,” reports The Wall Street Journal. “If they vote yes, they will give SoftBank Chief Executive Masayoshi Son a sought-after toehold in the rapidly consolidating U.S. wireless industry, which is seen as offering more opportunities than the Japanese company’s more saturated market at home.”

The SoftBank bid is for 78 percent of Sprint, a proposed deal that could close in July if the shareholders approve.

“Dish Chairman Charles Ergen now needs to plot his next move to become a player in the U.S. wireless industry, where he envisions creating a company that can offer a complement of services — video, high-speed Internet and voice — from one company, whether consumers are at home or on the go,” notes the article.

Clearwire Communications, which holds large reserves of much needed spectrum, remains a wrinkle in these talks. Sprint currently owns a little more than half of Clearwire — and Dish is attempting to outbid Sprint for at least 25 percent of the wireless operator. One day prior to Dish’s deadline to present a better bid for Sprint, a lawsuit was filed by Sprint against Dish Network to block its offer to buy Clearwire.

“Dish wants to buy Clearwire for $4.40 a share, a deal supported by Clearwire’s board,” reports Forbes. “Sprint also wants to buy Clearwire, offering $3.40 a share, and says Dish is trying to ‘fool’ and ‘coerce’ Clearwire shareholders into accepting the bid.”

“So, to sum up, the billionaire-led feeding frenzy leaves us with this situation: Dish wants Clearwire and Sprint. SoftBank wants Sprint. Sprint wants Clearwire. Head hurt, yet?”