Monday, January 07, 2013

Clearwire Investor Wants to Block Sprint Sale

Crest Financial, an investment firm that owns about 8% of Clearwire, it plans to ask the Federal Communications Commission to prevent Sprint from acquiring Clear.

Sprint owns just over 50% and is looking to acquire the remaining 49%. At issue is the price offered by Sprint for Clearwire.

Sprint bid $2.97 per share for a total of about $2.2 billion.

Crest believes its worth more $$$$$. Crest plans to argue to the FCC that by undervaluing Clearwire's spectrum, it could result in lost revenue for the government in future spectrum sales. 

Crest is also hoping to prevent Comcast, Intel, and Bright House Networks, which combined own 13% of Clearwire, from voting on the deal due to their close business ties with Sprint. The deal needs federal approval and the approval of both Sprint's and Clearwire's boards.

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