Clearwire Investor Steps Up Battle Against Sprint
Crest Financial has escalated its attempt to prevent Sprint from acquiring the remaining shares of Clearwire. Crest, which owns about 3.9% of the company, has hired a proxy solicitation firm in order to help it sway other investors to deep-six the deal. Crest maintains that Sprint undervalued Clearwire and its spectrum by billions of dollars. Crest also accused Clearwire's directors of breaching their fiduciary duty in securing the best price for the company. "Crest is determined to do whatever it can to stop Sprint's efforts to extract for itself the value of Clearwire's trove of wireless spectrum and to harm minority shareholders and the public interest," said Crest in a statement. Sprint is seeking to buy the 49% of Clearwire that it doesn't already own. Softbank, which is in the process of acquiring a 70% stake in Sprint, limited Sprint's offer for Clearwire to $2.97 per share, or a total value of $2.2 billion.
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.
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 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.
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.
Take the deal while there still is one!