ISS recommends Clearwire stockholders vote for Sprint deal

ISS recommends Clearwire stockholders vote for Sprint deal
Not wasting any time after Sprint and Clearwire announce their respective agreement on a final, final, final offer, Institutional Shareholder Services, the proxy and corporate governance advisory firm, has chimed in with a recommendation that shareholders vote for the merger.

Clearwire shareholders are scheduled to meet on Monday, July 8th to vote on Sprint’s takeover, assuming we do not see any intervention from DISH, who has been silent since the announcement last week.

The rationale offered by ISS is not difficult to comprehend, it’s more money, “Given the cash consideration being offered by Sprint is higher than the tender offer from DISH, and therefore the best alternative currently available to maximize value, shareholders should vote FOR the proposed merger with Sprint.” We are not sure how many MBAs were needed to build that business case.

Meanwhile, we do not know what DISH has in mind since it had supposedly abandoned its pursuit of Sprint in the interest of focusing on Clearwire. Sprint sued Clearwire and DISH and whatever was noted in the filing seems to have stopped the latter in its tracks.

It looks like SoftBank and Sprint will be the victors of this drama after all.

source: Clearwire


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