Clearwire postponed Friday’s planned shareholder vote...
Clearwire postponed Friday’s planned shareholder vote on a Sprint Nextel bid to buy the company, announcing Thursday that the vote will now occur June 13 (http://bit.ly/ZhX7er). That vote would occur a day after Sprint shareholders are expected to vote on…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
SoftBank’s bid to buy 70 percent ownership of Sprint for $20.1 billion. The postponement occurred after Dish raised its counteroffer for at least 25 percent of Clearwire Wednesday to $4.40 per share, a dollar above Sprint’s “best and final” offer of $3.40 per share (CD May 31 p9). Clearwire said “while the most recent Dish proposal raises issues that need to be discussed with Dish, the proposal appears to be more actionable than Dish’s previous proposal, and the committee intends to issue its recommendation in due course.” Clearwire intends to tell the Securities and Exchange Commission by June 12 whether its board and special committee recommends or rejects Dish’s revised offer; so far, the special committee “has not made any determination to change its recommendation of the current Sprint offer,” the company said. Tom Cullen, Dish executive vice president-corporate development, said in a statement that the company is “confident that our offer is superior to the proposed Sprint merger as it offers substantially greater value to Clearwire and its minority stockholders and a clearer path to value realization for all parties. Importantly, it also provides a meaningful alternative to the significant group of Clearwire minority stockholders that remains opposed to the Sprint merger. Our offer is not subject to any financing contingency” (http://bit.ly/12Up4bb). A Sprint spokesman said the carrier “has various rights with respect to Clearwire which are a matter of public record. Sprint would expect Clearwire to honor such rights, and would seek appropriate remedies if they are violated."