Clearwire Supports Sprint's Buyout Bid
Clearwire Corp. has agreed on the sweetened buyout bid from Sprint Nextel Corp. despite opposition from minority shareholders.
The wireless service provider has finally decided to support majority shareholder Sprint, which increased its offer for the almost 50 percent of the company,
Sprint wants to control Clearwire, which has key spectrum holdings and said it has no other choice other than the Sprint offer.
Shareholders with about 32 percent of public shares at Clearwire said they were not satisfied with the latest bid from Sprint, which is still to be approved from more than 50 percent of the company's minority investors in order to proceed.
Clearwire had also received an offer from Verizon which it said would only lead to net proceeds of between about 550 million dollars and 850 million dollars after tax.