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.
SoftBank and Sprint Working with Sharp on Edgeless Phone
SoftBank, which owns Sprint, today said it has chosen Sharp to supply it with low-cost smartphones. The handset deal with Sharp includes Sprint, which will also sell phones made by Sharp.
SoftBank Invests Another $73 Million in Sprint
SoftBank has purchased yet more shares of Sprint stock, boosting its stake in the company to just over 80%. SoftBank shelled out $73 million for about 16.8 million shares.
SoftBank Sinks More Money Into Sprint
SoftBank has been snapping up shares of Sprint, increasing its stake recently by as much as $87 million. Despite SoftBank CEO Masayoshi Son's misgivings about the overall acquisition of Sprint, SoftBank said it "is enthusiastic about Sprint's prospects.
SoftBank to Trim Thousands of Jobs at Sprint
Masayoshi Son, CEO of SoftBank, said the company plans to eliminate thousands of jobs at Sprint in order to reduce costs and aid in the company's turn-around plans. Son made the comments while discussing SoftBank's financial performance, which was impacted negatively by Sprint.
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.