Analysts expect Sprint's bid for Clearwire to be rejected

05/17/2013 | Reuters

Prominent Clearwire investors and analysts expressed confidence that shareholders will vote Tuesday to reject a proposal to sell outstanding shares unless partner Sprint Nextel raises its $2.97-a-share offer. "It's illogical to assume" they would vote to approve the deal given the current stock price, one portfolio manager said. The deal needs the approval of more than half of the minority shareholders, but investors holding approximately 31% of Clearwire have indicated they're unhappy with the offer. Sprint controls Clearwire but would hold limited rights if the wireless provider were to declare bankruptcy.

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