5/23/2013

Clearwire's board of directors may have appreciated Sprint Nextel's higher takeover bid, but the leading critics of the sale remained steadfast in their opposition even after Sprint improved its offer from $2.97 to $3.40 a share. In a regulatory filing, a group of four shareholders holding 18.2% of Clearwire shares argued the new offer remained too cheap. Crest Financial, another prominent investor, also expressed its disapproval in a filing. Clearwire said that it has held no direct talks with rival bidder DISH Network and does not expect that company will return with a new offer.

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