Is DISH Running Out Of Options After Sprint-Softbank Deal's National Security Clearance? [View article]
Dish knows it's offer to buy Sprint is not what Sprint BODs is looking for most (cash to help it compete for better market share in the cusp of it's turnaround). Dish also knows Sprint will not give up governance rights with these conditional non-binding bids for Clearwire. Ergen is just getting shareholders all rallied up so he can have a better sit at the negotiating table for a network hosting deal as some analysts suspect.
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." [View news story]
If the Sprint-Clearwire acquisition fails the minority shareholder vote, Sprint is in a agreement to buy out the remaining strategic investors at at least $2.97, which would put Sprint at a 78% majority. Son said less than a month ago, it wouldn't be a problem if the vote doesn't pass; besides it was CLWR's BOD's idea to include the non strategic investors in the buyout. I think Sprint only raised it's offer as a token gesture to Eagle and the remaining strategic investors just in case they believed Ergen might of been serious with his first offers for Clearwire and Sprint. He was never serious, now it seems he is just pissed off which changes the whole game. Let him own 22%, he will still be out of a controlling interest of a network for his unsupported spectrum.
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." [View news story]
At the direction of the Special Committee, Clearwire has elected to forego the June $80 million draw. The Special Committee has not made any determination with respect to any future draws under the Sprint Financing Arrangements.
In addition, the Company has announced that it intends to make the interest payments totaling approximately $255 million, which are due June 1, 2013, on its first-priority, second-priority and exchangeable notes.
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." [View news story]
I guess it's back to plan B for Sprint, keep loaning Clearwire 80 million per month and let the stand still agreement expire.
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. [View news story]
I gather Ergen is giving up on buying Sprint (he had his chance before Softbank and couldn't come to an agreement, supposedly also KDDI was approached by Sprint before Softbank), why else would he undermine the company he is trying to buy? I wonder who the hell is gonna deal with him and his spectrum after he loses Sprint and Clearwire. He's gonna be better off selling his spectrum (sooner the better because of the time constraints imposed by the fcc.
Sprint-Softbank Deal Receives National Security Clearance Ahead Of Shareholder Vote [View article]
"As far as Sprint is concerned, either deal will give it enough cash to implement its Network Vision plan and be more aggressive in laying out its next-generation 4G LTE network.", don't necessarily agree. Sprint received $3 billion pre-merger from Softbank not Dish, and Sprint will receive an additional $5 billion more cash from Softbank after the merger. How much will Dish infuse? Dish thinks bringing it's positive cash flow while tacking on considerately more debt (onto Sprint's books at that, which cost a lot of interest as it is) than the Softbank deal is better for Sprint shareholders just because it's valuations might be a little better in today's market. Typical Ergen, if he's not picking up the odds and ends, he's trying to sneak in and pretend he's got the better deal once someone else has significantly committed themselves.
Why Dish's Offer Does Not Measure Up: Growth And Share Factors [View article]
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. Maybe it's the alpha dog mentality, dog won't eat and won't let the other eat either. It's probably more like Charlie was waiting for a better hand to come along then realized the odds are only going to get worst.
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. [View news story]
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) [View news story]
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) [View news story]
"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."
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) [View news story]
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.
Analyzing The Synergies Of The Dish And Sprint Merger [View article]
I seriously doubt the special committee will approve Dish's offer as it stands. I even doubt they would approve it if Softbank's offer weren't already on the table. It's been reported that Dish would likely raise funds to finance the merger through the Sprint business side. http://bit.ly/12LHq0i
Either way, Dish is bluffing with the Kansas City campaign ads and being overly optimistic with these synergies at the expense of a larger debt load. Sprint doesn't need to be swallowed by Dish the smaller fish, what they need is cash. Softbank should up the existing cash in-fusion in the form of a cheap loan at the same rate they are getting from the Japanese banks. http://bit.ly/17lwyXR
That way Softbank won't be spending anymore for the acquistion (their credit rating may suffer). And Hesse hopefully will be allowed to tie up some loose ends (that Ergen dastardly helped cause) with the difference in interest saved so Sprint can proceed more rapidly paying off debt and building out that crucial 800MHz & 2.5GHz LTE deployment part of their network vision.
Dish Ups Clearwire Bid In A High-Stakes Game Of Poker With Softbank [View article]
Dish Ups Clearwire Bid In A High-Stakes Game Of Poker With Softbank [View article]
Is DISH Running Out Of Options After Sprint-Softbank Deal's National Security Clearance? [View article]
Is DISH Running Out Of Options After Sprint-Softbank Deal's National Security Clearance? [View article]
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." [View news story]
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." [View news story]
At the direction of the Special Committee, Clearwire has elected to forego the June $80 million draw. The Special Committee has not made any determination with respect to any future draws under the Sprint Financing Arrangements.
In addition, the Company has announced that it intends to make the interest payments totaling approximately $255 million, which are due June 1, 2013, on its first-priority, second-priority and exchangeable notes.
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." [View news story]
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. [View news story]
Sprint-Softbank Deal Receives National Security Clearance Ahead Of Shareholder Vote [View article]
Why Dish's Offer Does Not Measure Up: Growth And Share Factors [View article]
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. [View news story]
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) [View news story]
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) [View news story]
Shares closed at $3.25 today.
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) [View news story]
Analyzing The Synergies Of The Dish And Sprint Merger [View article]
http://bit.ly/12LHq0i
Either way, Dish is bluffing with the Kansas City campaign ads and being overly optimistic with these synergies at the expense of a larger debt load. Sprint doesn't need to be swallowed by Dish the smaller fish, what they need is cash. Softbank should up the existing cash in-fusion in the form of a cheap loan at the same rate they are getting from the Japanese banks.
http://bit.ly/17lwyXR
That way Softbank won't be spending anymore for the acquistion (their credit rating may suffer). And Hesse hopefully will be allowed to tie up some loose ends (that Ergen dastardly helped cause) with the difference in interest saved so Sprint can proceed more rapidly paying off debt and building out that crucial 800MHz & 2.5GHz LTE deployment part of their network vision.