April 10 Wireless service provider Clearwire Corp's largest minority shareholder Crest Financial Ltd filed a proxy statement which, if cleared by the U.S. regulators, will be used to urge Clearwire stockholders to reject its proposed merger with Sprint Nextel Corp.
Crest Financial offered Clearwire $240 million last week in debt financing - an alternative to what Sprint has offered.
"The filing of Crest's proxy statement is the next step in our ongoing effort to block Sprint's unfair merger offer and we are optimistic that we can do so," said Crest's general counsel David Schumacher in the proxy statement. ()
Sprint offered to buy Clearwire for $2.2 billion in December. Clearwire has taken $160 million in financing from Sprint this year.
Clearwire, however, said it was still reviewing a $3.30 per share offer from satellite TV provider Dish Network Corp .
Crest is among a group of Clearwire shareholders that have complained about Sprint's $2.97 per share offer, which would need approval from a majority of shareholders.