US wireless provider Clearwire has urged its shareholders to support a takeover by Sprint Nextel.
In a letter to investors Clearwire described Sprint’s offer as the best strategic alternative for minority shareholders, while not directly mentioning a…
US wireless provider Clearwire has urged its shareholders to support a takeover by Sprint Nextel.
In a letter to investors Clearwire described Sprint’s offer as the best strategic alternative for minority shareholders, while not directly mentioning a counter offer the company has received from Dish Network.
Shareholders will vote on Sprint’s offer at an EGM on 21 May 2013.
The Clearwire board said it supported Sprint’s offer in line with the unanimous recommendation of the company’s special committee.
The US$2.97 per share offer represented “fair, attractive and certain value, especially in light of the company’s limited alternatives and the well-known constraints of its liquidity position,” the letter stated.
Dish has offered US$3.30 per Clearwire share.
Last week, several of Clearwire’s shareholders had joined forces to push for a better deal or the consideration of alternatives. Mount Kellett, Highside Capital, Glenview Capital and Chesapeake Partners want to directly discuss options with other parties involved in the situation. The investors jointly control around 18% of Clearwire shares not owned by majority shareholder Sprint already.
