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CLWR

Clearwire Corporation

6/19/2013, 11:38 PM ET

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Tuesday, June 18, 7:31 PM Dish (DISH) is all but officially abandoning its bid for Sprint (S). In a fresh update, the satellite TV provider says the revised SoftBank (SFTBF.PK) deal makes it "impracticable" for it to submit a new offer by Sprint's June 18 deadline, and that it will now focus its "efforts and resources" on the Clearwire (CLWR) tender offer. It increasingly looks as if SoftBank will end up with Sprint (vote on June 25), and Dish with a big minority stake in Clearwire that it could use to obtain a 4G network/spectrum deal with the 3 other parties in this saga. S -1.8% AH. CLWR +1.8%. (previous) 16 Comments [Tech, M&A]
Monday, June 17, 8:28 PM Sprint (S) files suit to end Dish's (DISH) $4.40/share tender offer for Clearwire (CLWR), alleging the deal (endorsed by Clearwire last week) violates Delaware law and the rights of Sprint and other "strategic" Clearwire investors. Among other things, Sprint claims the Dish offer can't be concluded without the approval of both Comcast and Clearwire shareholders owning at least 75% of shares (Sprint has a majority stake). Clearwire investors aren't bothered, shares +0.4% AH to $4.65. (previous: I, II) 3 Comments [Tech, M&A]
Wednesday, June 12, 5:54 PM Clearwire (CLWR) officially endorses Dish's (DISH) $4.40/share tender offer, calling it in the "best interest of Class A stockholders." Clearwire's special committee now unanimously opposes Sprint's (S) $3.40/share buyout offer, and the company has rescheduled a shareholder vote on the Sprint deal set for Thursday to June 24. Dish's offer, which is subject to 25% of Clearwire shares being tendered, is now good until July 2. Even if Sprint's merger with SoftBank (SFTBF.PK) goes through, Dish's possession of a large minority stake in Clearwire gives it leverage to strike a favorable 4G network deal. (WSJ report) 9 Comments [Tech, M&A]
Wednesday, June 12, 3:50 PM Clearwire's (CLWR +0.5%) board plans to endorse Dish's (DISH -3.9%) $4.40/share tender offer and postpone a Thursday shareholder vote on majority owner Sprint's (S -0.1%) $3.40/share buyout offer, the WSJ reports. The reports comes two days after Sprint gave its support to SoftBank's (SFTBF.PK) revised offer for the company, and set a June 18 deadline for Dish to make its final offer. Sprint and Dish have been arguing over the legality (I, II) of Dish's bid for Clearwire. (previous) 1 Comment [Tech, M&A, On the Move]
Tuesday, June 11, 1:16 PM Though it gives shareholders more cash, SoftBank's (SFTBF.PK) offer (I, II) for a 78% stake in Sprint (S +2.2%) values the company at $1.1B less ($27.8B vs. $28.9B) than its old offer for a 70% stake, says Janco's Gerard Hallaren. "We have little faith this proposal will succeed," he adds. However, the WSJ observes the offer "contains poison-pill provisions that make it considerably harder" for Dish (DISH +0.6%) to thwart SoftBank, and increases Sprint's termination fee to $800M from $600M. Dish, which has reportedly lined up $9B in financing commitments, has until June 18 to make its final offer. Sprint and Clearwire (CLWR +2.2%) are both up moderately. 2 Comments [Tech, M&A]
Tuesday, June 11, 1:18 AM Dish (DISH) responds to SoftBank's (SFTBF.PK) higher offer for Sprint (S) simply by stating it will review its options. Paulson & Co. (7%+ stake in Sprint) backs SoftBank's revised bid, which goes to a vote on June 25. The new offer increases the cash given to Sprint investors to $5.50/share from $4.02/share, raises SoftBank's offer price for investor shares to $7.65 from $7.30, and raises the price of SoftBank's $1.9B investment in Sprint to $6.25/share from $5.25/share. But it also gives SoftBank a 78% stake (up from 70%), and $3B of the extra $4.5B in investor cash is being diverted from Sprint. Clearwire (CLWR) remains a wild card for both sides. 2 Comments [Tech, M&A]
Friday, June 7, 3:54 PM While Sprint (S -1.3%) slumps on a report SoftBank (SFTBF.PK) is talking with Deutsche Telekom (DTEGY.PK) about buying its 74% stake in T-Mobile USA (TMUS +4.1%) should the Sprint deal falter, Dish (DISH +1.5%) has spiked higher, as investors take the report as a sign SoftBank would rather abandon its Sprint efforts than significantly raise its bid. Sources tell Reuters SoftBank and DT have been talking since last year, but that talks "intensified" following Dish's $25.5B offer for Sprint. Clearwire (CLWR +3.3%) has also moved higher, and is now $0.02 above Dish's $4.40/share offer price. (previous) 9 Comments [Tech, On the Move, M&A]
Tuesday, June 4, 4:46 PM Contrary to Sprint's (S) assertions, Dish's (DISH) bid for Clearwire (CLWR) is perfectly legal, Dish argues in a public letter. Among other things, Dish claims its Clearwire financing proposal doesn't need Sprint's consent (Sprint feels differently), and that its tender offer for Clearwire doesn't require majority shareholder consent. (earlier) 1 Comment [Tech, M&A]
Tuesday, June 4, 3:54 PM Sprint's (S +1%) board is thinking of delaying the company's June 12 shareholder vote on the SoftBank (SFTBF.PK) deal to give Dish (DISH +0.3%) more time to strengthen its rival offer, Bloomberg reports. Though Sprint has appeared cool to Dish's overtures, a Dish spokesman states his company is still negotiating with Sprint. One source claims Dish, which recently raised $2.6B in debt, has lined up $9.3B in financing for its Sprint bid. Clearwire (CLWR -2.6%) has sold off to $4.31 today, below Dish's $4.40/share offer price, as investors weigh Sprint's legal assertions. (previous) Comment! [Tech, M&A, On the Move]
Monday, June 3, 3:19 PM DISH Network's bid for Clearwire (CLWR) is "not actionable" because of legal issues, says Sprint (S) in a letter to Clearwire's board. "To be clear, certain provisions of the Dish proposal require Sprint's consent ... Sprint will not vote in favor of the proposal, tender its shares in the offer or waive any of its rights as a stockholder." Crest Financial urges Clearwire to form a special committee to consider the Dish offer: "Dish's tender offer has shifted the battle ... to where it belongs - a competitive bidding process for Clearwire." 2 Comments [M&A]
Friday, May 31, 4:57 PM Shareholder advisory firm Egan-Jones comes out against SoftBank's (SFTBF.PK) bid to acquire 70% of Sprint (S). Given Dish's (DISH) rival bid and reported talks between Sprint and Dish, the firm sees "strong potential for an improved offer" from SoftBank. Egan-Jones' stance comes as Oppenheimer speculates Dish raised its offer for Clearwire (CLWR) out of fear Sprint shareholders will approve the SoftBank deal at their June 12 meeting. Many still think Dish's real goal is to negotiate a partnership. Analyst Jack Grubman: "In his heart of hearts, I don’t think [Charlie] Ergen really wants to own Sprint, I don’t think he really wants to own Clearwire." (yesterday) 2 Comments [Tech, M&A]
Friday, May 31, 7:10 AM Clearwire (CLWR) says its will adjourn a regularly scheduled stockholder meeting set for today without doing any business and reconvene on June 13. The action will give shareholders more time to digest the $4.40-per-share offer from Dish Network (DISH) and to see if a better offer comes down the pike. The latest word from the company on the buyout price is that it's "more actionable" than Dish's previous proposal. (CLWR-DISH timeline) 1 Comment [Tech, Consumer, M&A]
Thursday, May 30, 2:20 PM Clearwire (CLWR +26%) is now within $0.02 of Dish's (DISH +0.5%) $4.40/share offer price; upgrades from DA Davidson and Raymond James could be helping. Macquarie asserts the move "forces SoftBank (SFTBF.PK) to negotiate with Dish," and raises the odds SoftBank walks away from Sprint (S +0.3%). The firm thinks Sprint will now have to offer $4.50+/share for Clearwire. Likewise, JPMorgan argues Dish is "attempting to de-value the Softbank bid by injecting itself into Clearwire as a permanent ... minority shareholder." Wells Fargo: "We can't see how Charlie doesn't win here--he is either going to get the partnership we believe he always wanted ... or he is going to walk away with a significant amount of spectrum." 10 Comments [Tech, On the Move, M&A]
Thursday, May 30, 12:44 PM Midday top 10 gainers: NBG +475%. CLWR +24%. NVE +22%. GV +19%. AIQ +17%. BVX +16%. CLSN +16%. AAU +15%. BAA +14%. GURE +13%.
Midday top 10 Losers: ABIO -30%. VIMC -20%. DLIA -13%. VRTB -11%. CVI -11%. HSOL -10%. WPCS -10%. AGII -9%. ARTX -8%. ALVR -8%. 5 Comments [On the Move]
Thursday, May 30, 9:13 AM Premarket gainers: NVE +22%. CLWR +20%. MY +15%. CLSN +13%. HSOL +12%. CPST +10%. EXPR +9%. LXRX +8%. BLDP +8%. VRNG +7%. RSOL +6%. WFR +6%. AMRN +6%. FSLR +6%. ALU +6%. EMC +6%. STP +5%. HIMX +5%. OCZ +5%.
Losers: ABIO -31%. BIG -9%. VNR -5%. BPFH -5%. 1 Comment [On the Move]
Wednesday, May 29, 11:56 PM Dish (DISH) raises its offer for Clearwire (CLWR) to $4.40/share in cash, easily trumping Sprint's (S) revised $3.40/share bid. Clearwire +21.6% AH to $4.23. The 4G carrier's minority shareholders are set to vote on Sprint's offer on Friday. 3 Comments [Tech, M&A, On the Move, Top Stories]

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