Market Overview

Clearwire Files Preliminary Proxy Statement

Related CLWR
Sprint's Clearwire Units Will Retire $175M in Notes
Benzinga's M&A Chatter for Tuesday August 6, 2013

Clearwire (NASDAQ: CLWR)
today announced that it has filed a preliminary proxy statement in
connection with its definitive agreement with Sprint Nextel
Corporation ("Sprint") for Sprint (NYSE: S) to acquire the approximately 50
percent stake in Clearwire that it does not already own for $2.97
per share (the "Sprint Agreement"). The background section of the
proxy statement describes the Company's extensive review of
strategic alternatives to maximize stockholder value over the past
few years.As previously disclosed on January 8, 2013, Clearwire received
an unsolicited, non-binding proposal (the "DISH Proposal") from
DISH Network Corporation ("DISH"). The DISH Proposal provides for
DISH to purchase certain spectrum assets from Clearwire, enter into
a commercial agreement with Clearwire and acquire up to all of
Clearwire's common stock for $3.30 per share (subject to minimum
ownership of at least 25% and granting of certain governance
rights) and provide Clearwire with financing on specified terms.
The DISH Proposal is only a preliminary indication of interest and
is subject to numerous, material uncertainties and conditions,
including the negotiation of multiple contractual arrangements
being requested by DISH (some of which, as currently proposed, may
not be permitted under the terms of Clearwire's current legal and
contractual obligations) as well as regulatory approvals.In connection with the Sprint Agreement, Clearwire and Sprint
also entered into agreements

See full press release

Posted-In: News Guidance Contracts


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