Clearwire Leaning Toward Sprint, But Leaves Door Open
Clearwire today issued a proxy statement that discusses its current state of mind with respect to the proposed acquisition offers from both Sprint and Dish Networks. Clearwire explains that in addition to paying $2.97 per share for the remaining portion of Clearwire it does not own, Sprint also committed to provide Clearwire with $800 million in ongoing financing. The financing was to be made available for 10 months, with Clearwire withdrawing $80 million per month beginning in February. Dish said that it would withdraw its offer to purchase Clearwire if Clearwire took advantage of Sprint's financing offer. Clearwire announced that it did not take the first month of financing. However, Clearwire also said that, after months of reviewing multiple options, it still believes accepting Sprint's offer is the best option. "The Special Committee has not made any determination to change its recommendation of the current Sprint transaction," the company said. Sprint issued a follow-up statement saying, "Clearwire's proxy makes very clear that Sprint's definitive agreement to acquire Clearwire provides both the best value for shareholders and stability amid an uncertain future." Clearwire said that it will continue to hold discussions with both Sprint and Dish as necessary.
Sprint's WiMax Shutdown May Halt Service for Charities
Sprint plans to deactivate its WiMax network on Nov. 6, but some charities say the change will eliminate internet service for some 300,000 Americans altogether.
Nonprofits Convince Judge to Delay Sprint's WiMAX Shutdown
Mobile Citizens, a not-for-profit organization that provides free and low-cost internet service to schools, has won an injunction preventing Sprint from shutting down its WiMax network. Sprint had planned to cease operating WiMax on Nov.
Sprint Shuffles Execs, Names New CFO
Sprint today made changes to its top executives and named a new chief financial officer. Sprint appointed Tarek Robbiati to the CFO position, where he replaces Joseph Euteneuer, who will leave the company.
Sprint Confirms No More Contracts Starting Today
Sprint said beginning January 8 new customers will not be able to buy handsets at subsidized prices by signing a contract. The company is following the industry trend of moving toward installment-based options for financing handset costs.