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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