More Clearwire Investors Balk at Sprint's Offer
A handful of Clearwire investors plan to reject Sprint's $2.97-per-share offer for the company, reports Bloomberg. Glenview Capital Management and Tazzan Asset Management, which combined own about 31 million shares of Clearwire, believe the company is worth more than what Sprint has offered, especially in the light of Dish Network's $3.30-per-share bid. Sprint, which is in the process of selling a 70% stake of itself to Japan's Softbank, already owns more than 50% of Clearwire. It offered to acquire the remaining 49% in order to smooth its transaction with Softbank, as well as to acquire the additional spectrum owned by Clearwire. Glenview and Tazzan both think Cleartwire's spectrum deserves a higher price, as does Crest Financial, which filed a compliant with the Federal Communications Commission earlier this month. Softbank set the $2.97 share price as the highest amount Sprint could bid for Clearwire. Dish asked the FCC this week to pause its review of the Softbank-Sprint deal until the Clearwire portion of the transaction is resolved. The FCC has not yet made a decision in the matter.
Well, two side of this.
On the other hand, there's those who invested in Clear and really got reamed without lube on this investment, and can understand how they would like to recoup as much of the loss as they can.