Stock Ticker

  • Loading stock data...

Shareholders of Clearwire Corp. (NASDAQ:CLWR) oppose bid – S, DISH

Boston, MA 05/06/2013 (wallstreetpr) – Sprint Nextel Corp. (NYSE:S) (Closed: $7.15, Up by 0.70%)  faces pressure from a group of shareholders of Clearwire Corp. (NASDAQ:CLWR) (Closed: $3.38, Up by 3.05%) , who have formed an alliance to demand Sprint to increase its $2.97 – a – share bid to take over Clearwire Corp. (NASDAQ:CLWR). The alliance includes Chesapeake Partners Management Co, Glenview Capital Management LLC and High side Capital Management LP among others headed by Mount Kellett Capital Management LP. The group which holds 18.2% of shares in Clearwire Corp. (NASDAQ:CLWR) are concerned that the bid offered by Sprint Nextel Corp. (NYSE: S) is very low and demands to pursue discussions with Dish Network Corp. (NASDAQ:DISH) which had offered a competing bid of $3.3 a share.

Takeover By Sprint Nextel Corp (Nyse:S)
Though the Clearwire Corp. (NASDAQ:CLWR) rose by around 3% to raise to $3.38, the company looks out for a minimum of $1.7 billion to support the company’s operations for another two years. Overland Park, the Kansas based Sprint Nextel Corp. (NYSE: S) holds about 50 percent stake in Clearwire Corp. (NASDAQ:CLWR) in the form of privately held shares and grew only by 1 percent to rise to $7.15 during the same period. On the other hand, Englewood, Colorado based Dish Network Corp. (NASDAQ:DISH) grew by 1 percent to rise to $39.68. However the shareholder meeting called to vote on the offer from Sprint Nextel Corp. (NYSE:S) would witness heavy opposition to the bid from the group headed by Mount Kellett. The alliance, which does not include another vocal opponent of the deal – Crest Financial, wishes to take a serious consideration of the higher and competing bid of $3.30 offered by Dish Network Corp. (NASDAQ:DISH) to ensure maximization of value to shareholders.

Published by Chris Brown

About Me: I have a Phd in Economics Gender: Male Interests: Playing games like cricket, volleyball Favorite Music: hip hop, rock, jazz

Recent Stories

SignUp Now For Our Featured Newsletter