Clearwire stockholders approve merger with Sprint
Hours before a stockholders vote was going to take place, one which Sprint was sure to lose, the latter came in with a $3.40 a share bid for Clearwire which topped Dish by a dime. But Ergen wanted Clearwire's spectrum to help Dish start a new wireless carrier. Dish raised its bid to $4.40 which topped Sprint by a full dollar. It looked like Dish had won until Sprint pulled out a $5 bid for the remaining shares. The company that Sprint said was worth no more than $2.90 in December, was all of a sudden worth 72% more.
And all of this occurred during SoftBank's ultimately successful purchase of 78% of Sprint for $21.6 billion, a deal that Dish Network was also involved in. Dish had offered $25.5 billion for all of Sprint, but came away a two-time loser. The stockholder's meeting took all of 12 minutes to complete and Clearwire says it will close the deal on July 9th, a day before the Sprint-SoftBank deal is set to close. Clearwire chairman John Stanton wrapped the whole deal up in a short comment. "This has been a very long journey," the executive noted.
1. TheLolGuy (Posts: 483; Member since: 05 Mar 2013)
Well there has to be a reason they went so far to get the remainder of Clearwire. Now that it seems Masayoshi Son and Dan Hesse has their original plan following through quite nicely it'll be interesting to see what happens next...
2. lsutigers (Posts: 803; Member since: 08 Mar 2009)
Reason is Clearwire owns more spectrum than any other carrier by a long shot.