Clearwire Corporation’s minority shareholders have approved Sprint Nextel’s US$5.00 per share offer to take its stake in the target from 50% to 100%.
The endorsement follows Friday’s decision from the Federal Communications Commission (FCC) to…
Clearwire Corporation’s minority shareholders have approved Sprint Nextel’s US$5.00 per share offer to take its stake in the target from 50% to 100%.
The endorsement follows Friday’s decision from the Federal Communications Commission (FCC) to back the takeover, and also to ratify Softbank’s US$21.6bn acquisition of Sprint.
Clearwire’s minority shareholders were 82% in favour of the deal, significantly more than the simple majority Sprint needed to get the deal through.
Sprint already had commitments from two significant factions of minority investors, and last week received the public backing of hedge fund Crest Financial, which holds 8% of the target and had been campaigning for an improved offer. The support Sprint accrued meant it knew it had sufficient votes before today’s ballot.
Both Softbank’s acquisition of Sprint and Sprint’s acquisition of Clearwire are due to close tomorrow.
The approval comes more than six months after Sprint’s initial offer of US$2.97, which it has had to increase 68% to get the deal through.
Dish Network had been after a stake in the wireless wholesaler – it lodged a US$4.40 per share tender offer to buy a minimum of 25% of Clearwire’s stock – but withdrew its offer after Clearwire’s board recommended Sprint’s US$5.00 proposal.
