Sprint-ing To The Finish: Clearwire Chair Advises 'Take The Offer'

Sprint has spread itself pretty thinly in the M&A arena. Not only does it face the Softbank/DISH battle for ownership rights, which should be concluded soon (CTDaily, 04/30/13), but it’s also wrangling with with DISH to acquire 4G wireless entity Clearwire (CTDaily, 04/16/13). But things may be getting better. A letter sent out today by Clearwire Chairman John Stanton (former head of T-Mobile USA) urges minority stockholders to accept the current Sprint takeover deal by May 21, pointing out that Sprint’s proposal has been vetted by an appointed special committee, which believes the $2.97-per-share offer is the best deal shareholders will get…from anyone. Sprint ownership also has been endorsed by Comcast, Intel and Bright House Networks; the trio owns approximately 13 percent of Clearwire voting shares or approximately 26 percent of non-Sprint voting shares. In a less positive statement, Stanton reminded shareholders that, for all its efforts to stay independent, cash-strapped Clearwire hasn’t been able to attract another major wholesale customer other than Sprint, and that any prospects of finding one are pretty grim.