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Clearwire (CLWR +12.5%) soars to to $3.10 on news of Sprint's (S -1.1%) $2.90/share offer. Wells...
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Thursday, December 13, 2012, 9:33 AM ETClearwire (CLWR +12.5%) soars to to $3.10 on news of Sprint's (S -1.1%) $2.90/share offer. Wells Fargo views Sprint's initial bid as a starting point for negotiations, and so, apparently, do many others. At $0.17/MHz.-pop, other spectrum deals have involved 50%+ premiums to the implied value of Sprint's offer, the firm notes. Though not 100% comparable, Verizon's cable spectrum purchases cost $0.68/MHz-pop.
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This news story has 3 comments:
Not sure I agree with Wells about starting point. If Sprint owns >50% of the shares/BoD seats, who else is going to step in to bid? Also, Management might see this as a slap, but Sprints stock price is equally undervalued, so swapping one for the other might not be seen as a bad thing.
What to do...