Home › News ›

Crest Disapproves Sprint's Increased Clearwire Bid

May 28, 2013, 8:48 AM by Eric M. Zeman

Crest Financial today vowed to continue its fight for a better deal from Sprint for Clearwire. Crest has opposed Sprint's attempt to acquire the 49.5% of Clearwire it does not already own from the start. Last week, Sprint improved its offer from $2.97 per share to $3.40 per share, increasing the total amount by about $500 million. Despite this increase, Crest believes Sprint is still undervaluing Clearwire's worth. "Crest encourages Clearwire's minority stockholders to oppose the merger and to act now to protect their rights to pursue fair treatment through all available avenues, including an appraisal proceeding," said David K. Schumacher, Crest's General Counsel, in a letter to Clearwire investors. Crest believes Clearwire stockholders should seek "judicial relief" from Sprint's attempt to take over the company. Separately, Clearwire sent its own letter to investors today recommending that they vote in favor of the deal. Sprint's proposal "is quite simply the best strategic option for all stockholders," said Clearwire's board of directors. "Sprint has stated that this represents its best and final offer." The vote is scheduled for next month.

Related

Samsung Refreshes Galaxy S Series with S Pen, New Cameras

Feb 9, 2022
Samsung today announced its lineup of flagship phones for 2022: the Galaxy S22 series. The top-end S22 Ultra sees the biggest changes as it essentially absorbs Samsung's Note series with an integrated S Pen stylus and a more Note-like shape and design, instead of the Contour Cut design of the other models.

Samsung Upgrades its Wearables

Aug 10, 2022
Alongside its new foldable phones, Samsung has revealed its newest smartwatches and Bluetooth earbuds, each with significant engineering improvements. The new Galaxy Watch5 has a 13% larger battery and 60% more durable face compared to the Watch4.

iPhone 14 Plus Offers a Big Screen For Less

Sep 7, 2022
Apple has revealed the iPhone 14 series, with new features, improved specs, and new size options. In place of a Mini option, the iPhone 14 will come in the same 6.1-inch and 6.7-inch screen size options as the Pro models.

OnePlus Evolves its Flagship with the 10T

Aug 3, 2022
OnePlus has announced the OnePlus 10T 5G, its newest flagship-class phone. Key improvements include 125-watt fast charging (in the US; 150-watt in other regions) and up to 16 GB of RAM.

Motorola's new Edge Offers a Lot for $500

Aug 18, 2022
Motorola has taken the wraps off its new Edge phone for 2022. This is the little sibling to the Edge+, the company's flagship phone.

more news about:

Comments

This forum is closed.

This forum is closed.

bobc74

May 28, 2013, 6:33 PM

This is getting out of hand!

What is Crest's plan? Sprint has already committed to moving out of the WiMax business. If the Sprint-Clearwire deal doesn't happen, Clearwire will be out of business by the end of 2014. I hope Crest is prepared to answer to the rest of Clearwire's shareholders if/when that happens.

timvideo

Crest will probably take a 25% buyout from Dish, which we all know Dish has no funds to make investments and will be riding the Sprint Softbank upgrades to spectrum!

Slammer

May 28, 2013, 9:10 AM

What's More Dangerous?

Our enemy or our general giving us the wrong orders?

Crest should take note of the declining marketshare and then decide what is undervalued before cutting their own throats.

John B.

KOL4420

Its funny, they seriously think an appraisal is necessary for their crappy spectrum hahahaha. Oh man this is comical. I totally agree with you on them just taking the check and running greedy individuals.

...

T Bone

It actually reminds me of 2008 when Microsoft made an unsolicited bid to buy Yahoo! for $42 billion, which would have meant that they were paying more than the company was worth....and Yahoo!, rather arrogantly, responded that it wasn't enough. Micro...
(continues)

Page 1 of 1