The companies said that if Clearwire
could raise new equity of between $400 million and $700 million, Sprint would participate in the funding by investing as much as $347 million.
But even if it can raise the necessary funding, Clearwire
doesn't expect to be able to start its rollout for about six months and thinks it would take about a year to carry out.
To complicate matters, Clearwire
makes no bones that Sprint is its biggest and most important customer.
In connection with the transaction, Clearwire
will file a proxy statement and other materials with the SEC.
In total, the buyer has received commitments from Clearwire
shareholders owning 45% of the target, including those from Comcast Corp (NASDAQ:CMCSK), Intel Corp (NASDAQ:INTC) and Bright House Networks LLC, holding together 13% of Clearwirea[euro](tm)s voting stock, it said.
is offering to pay Clearwire
stockholders for their shares is highly inadequate, that the merger was structured in a way that unfairly disadvantages minority stockholders and that Clearwire
would be better off if it remained a stand-alone company.
announced Morrow has resigned as CEO and from the board for personal reasons.
Anyone who was a Clearwire
subscriber at any time between November 14, 2004 and February 27, 2012 is eligible to submit a claim.
It blamed that the rival suitor's demand to have at least three Clearwire
board nominees and to have the right to veto certain Clearwire
actions were illegal.
TELECOMWORLDWIRE-May 13, 2013-Crest Financial perfecting appraisal rights of Clearwire
shares(C)1994-2013 M2 COMMUNICATIONS http://www.
the largest minority shareholder of Clearwire
is ranked only as a two-star CAPS stock, out of the 651 participants at the time of writing who have weighed in on the stock, a resounding 536 of them think it will outperform the S&P 500.