Clearwire shareholders should vote in favor of Sprint...
Clearwire shareholders should vote in favor of Sprint Nextel’s $2.2 billion buyout offer, Clearwire’s board said in a letter to shareholders Monday. Although Dish Network made a competing $5.15 billion bid, Clearwire said Sprint’s offer is the “best strategic alternative…
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for all stockholders because it delivers fair, attractive and certain value.” If shareholders don’t approve the deal, Clearwire’s “options become increasingly limited and, day by day, the future value for stockholders becomes even more unclear,” the board said in the letter (http://bit.ly/17lYopt). Shareholders are set to vote on the Sprint offer May 21. Clearwire said proxy advisory firm Institutional Shareholder Services (ISS) endorsed the deal last week. ISS had said the deal was fair and that Clearwire is becoming “increasingly unviable on a stand-alone basis” (CD May 13 p14).