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Mount Kellett Capital, which has long been vocal about its displeasure with Sprint's (S +0.7%)...

Mount Kellett Capital, which has long been vocal about its displeasure with Sprint's (S +0.7%) $2.97/share deal to acquire Clearwire (CLWR +2.9%), says it has joined forces with 3 other major shareholders - Highside Capital, Glenview Capital, and Chesapeake Partners - to create a united front against Sprint's offer. Together, the shareholders own 18.2% of Clearwire's publicly-traded stock. With shares closing today at $3.37 and Dish's $3.30/share bid still on the table, investors are clearly betting on a higher deal price. (13D) (Crest Financial)
Comments (4)
  • Between the 18.2% of this group + the 8% that Crest has, by definition Sprint won't get this deal done.
    4 May 2013, 01:53 AM Reply Like
  • As per CNBC, it's actually 18.2 and 8% of the stock NOT owned by sprint making it about 26% of the minority...ergo the minority shareholders can make a lot of noise, perhaps file a lawsuit, but they can't stop this. It's clear from the CLWR mgmt letter, that any lawsuit accusing the BOD and mgmt of selling out to Sprint is going to fail as mgmt and BOD have done a good job of CYA as expressed in the letter.

     

    Here's the link from CNBC

     

    http://bit.ly/10eg2Tt
    6 May 2013, 12:51 PM Reply Like
  • Thanks for the info Deja Vu, wasn't sure how those lawsuits might pan out. Also, I believe it was the BOD's idea to include the rest of the shareholders (minority) with the $2.90/$2.97 offer in addition to the strategic shareholders so they wouldn't necessarily lose value (let's not forget CLWR was less than $1) while Sprint dilutes at $80M per month until it takes 70% control and has governance rights after the stand still agreement expires. Clearwire went months trying to raise interest in some sort of deal. They even talked with Ergen while Dish was too busy trying to get approval for that AWS spectrum usage and even threw a Hail Mary at Dish later when the Sprint / Softbank news was leaked. It's funny how Ergen walked away from both the Sprint and Clearwire negotiating tables only to return when someone else is trying to close deals.
    10 May 2013, 06:33 PM Reply Like
  • "With shares closing today at $3.37 and Dish's $3.30/share bid still on the table, investors are clearly betting on a higher deal price."

     

    Shares closed at $3.25 today.
    10 May 2013, 06:35 PM Reply Like
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