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Sprint Nextel Corporation

5/22/2013, 11:08 PM ET

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Wednesday, May 22, 9:28 AM Clearwire (CLWR) says it board of directors recommends shareholders approve the Sprint (S) offer to buy the company for $3.40 per share. A voting date is set for May 31. 5 Comments [Tech, M&A]
Tuesday, May 21, 3:52 PM Clearwire (CLWR +4%) reschedules its special shareholder meeting to May 31, so as to give investors time to weigh Sprint's (S) new $3.40/share offer. Crest Financial says it still isn't satisfied, arguing Clearwire's spectrum deserves a higher price tag. Shares are currently at $3.39, a penny below the offer price. 3 Comments [Tech, M&A]
Tuesday, May 21, 9:09 AM Sprint (S) raises its offer for Clearwire (CLWR) to $3.40/share ahead of today's shareholder vote on a $2.97/share offer, which was widely expected to be shot down. The revised offer, which trumps Dish's (DISH) $3.30/share bid and has been sent to Clearwire's board for review, is said to have the support of Comcast, Intel, and Bright House, who collectively own 26% of Clearwire shares not held by Sprint. Nonetheless, Clearwire +6.1% to $3.46, above the offer price. Sprint +1.1%. (previous) 6 Comments [Tech, On the Move, M&A, Breaking News, Top Stories]
Tuesday, May 21, 9:02 AM Shares of Clearwire (CLWR) are halted with news pending. Sources are saying a higher offer from Sprint (S) is in the works. 1 Comment [Tech, M&A]
Tuesday, May 21, 6:47 AM Dish Network (DISH) can talk to Sprint (S) and look at its books after Softbank (SFTBF.PK) agreed to a waiver. Softbank thinks its offer to buy the company is superior and sees the move as a step forward toward closing a deal to acquire Sprint before July 1. Comment! [M&A, Tech]
Monday, May 20, 4:11 PM Dish (DISH -0.7%) has made a $2B bid for bankrupt Lightsquared's spectrum even though the FCC hasn't yet approved its use due to GPS interference concerns, Bloomberg reports. The report comes with Sprint (S) and Clearwire (CLWR) continuing to play hard-to-get in the wake of Dish's offers for the companies, and a day before Clearwire shareholders vote on a Sprint offer many think will get shot down, at least if it isn't raised from a current $2.97/share. Comment! [Tech, Consumer, M&A]
Monday, May 20, 2:56 PM Sprint (S) acquires app developer/distributor Handmark, which has been around since the pre-iPhone era. Handmark runs an app store and (through its OneLouder unit) has developed a slew of iOS/Android apps, many of which have strong social media components. Sprint says the deal will strengthen its Pinsight Media+ targeted mobile ad platform; it comes a few months after Sprint struck a mobile ad partnership with Telefonica, and a couple weeks after a mobile content/ad deal was reached with Time. 1 Comment [Tech]
Saturday, May 18, 6:23 PM 32% of Q1 U.S. smartphone sales involved prepaid phones, up from 21% a year ago, says NPD. That trend could spell trouble for AT&T (T) and Verizon Wireless (VZ, VOD), whose recent growth has been heavily tied to selling costly postpaid data plans. With 72% and 61% of the carriers' postpaid bases now respectively on smartphones, they face pressure to gain prepaid buyers without cannibalizing postpaid subs. Cannibalization fears have led AT&T and Verizon to make their prepaid plans 3G-only; Sprint (S) and T-Mobile (TMUS) offer 4G. A mix shift towards unsubsidized prepaid phones could also be a challenge for Apple (AAPL), estimated to have just 8% of the Q1 U.S. prepaid smartphone market (though that's up 4x Y/Y). 16 Comments [Tech]
Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 4 Comments [Quick Ideas]
Friday, May 17, 1:38 PM "There's no way" Sprint's (S) attempt to buy Clearwire (CLWR +0.6%) succeeds without a higher bid, says Taran Asset Management's Chris Gleason, one of many institutional Clearwire investors planning to vote against Sprint's $2.97/share offer at Tuesday's meeting. Reuters has uncovered investors holding 31% of Clearwire's public (non-Sprint-owned) shares who oppose the current deal; Sprint needs a majority of public shares to be voted in favor. Clearwire is trading 10% above Sprint's offer price, and 1% below Dish's $3.30/share offer price. (previous) 23 Comments [Tech, M&A]
Tuesday, May 14, 2:47 PM Dish (DISH -0.3%) is raising $2.5B in debt to help finance its bid for Sprint (S +0.8%), and presumably demonstrate its seriousness to Sprint's board. Bloomberg reported last week Sprint has held off on giving Dish access to its books, partly due to skepticism about the satellite TV provider's ability to finance its offer (includes a $17.3B cash component). Dish had $11.9B in debt on its balance sheet as of March 30, to go with $7.2B in cash/investments. 1 Comment [Tech, Consumer, M&A]
Monday, May 13, 5:49 PM Clearwire (CLWR -3.1%) slid further towards Sprint's (S) $2.97/share offer price after Egan-Jones joined fellow shareholder advisory firm ISS (previous) in backing Sprint's bid ahead of a May 21 vote. Nonetheless, given the number of shares owned by dissident investors, many still think a higher bid will be needed. 4 Comments [Tech, M&A]
Friday, May 10, 9:59 AM Top shareholder advisory firm ISS backs Sprint's (S -0.1%) $2.97/share offer for Clearwire (CLWR -0.9%) ahead of a May 21 vote, in spite of opposition from major shareholders not named Sprint. ISS' arguments: Sprint's offer is fair, the carrier has effective veto power on any rival bid, and Clearwire looks "increasingly unviable on a stand-alone basis." SoftBank (SFTBF.PK) must be pleased, Dish (DISH) less so. Clearwire has sold off over the last 2 days, but still remains 9% above Sprint's offer price. (previous) Comment! [Tech, M&A]
Friday, May 10, 8:20 AM Dish Network (DISH) has Jefferies helping it line up $25.5B in financing for the company's bid for Sprint (S), according to Bloomberg. Jefferies and Barclays will reportedly look for one or two more investment banks to join the bandwagon to help make the Dish offer irresistible. 2 Comments [Consumer, M&A]
Thursday, May 9, 1:32 PM Dish (DISH -1.4%) owned $592M in "derivative financial instruments" tied to Sprint's (S) stock as of May 1, as well as Sprint shares worth $75M as of March 31, the company discloses in a 10-Q filed after its Q1 report. Dish also owned $950M in Clearwire (CLWR) debt at the end of Q1, nearly unchanged from $951M at the end of Q4. Consider the Sprint purchases an attempt to gain a bit of leverage as Dish pursues its bids for Sprint and Clearwire. Also: During Dish's Q1 call, Charlie Ergen stated Dish would consider partnering with another carrier if Sprint sticks with SoftBank (no surprise), and that a sale of the company wouldn't be out of the question. (previous) 7 Comments [Tech, M&A]
Tuesday, May 7, 6:10 PM Sprint (S) doesn't seem enthusiastic about Dish's (DISH) merger bid: Bloomberg reports the carrier is holding off on giving Dish access to its books due to questions about Dish's ability to obtain needed financing, skepticism about Dish's $11B cost savings estimate (Sprint thinks staff overlap is limited), and concerns about the debt burden the combined company would have. Moreover, Sprint's board has reportedly sent a letter to Dish stating its bid needs to be changed before Sprint can weigh it against SoftBank's (SFTBF.PK). (more on Sprint/Dish) 1 Comment [Tech, Consumer, M&A]

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